(Bloomberg) -- Gold may gain in London on speculation
that mining companies will buy back production, restricting
supplies at a time of increased demand from jewelers.
Newcrest Mining Ltd., Australia's largest gold miner, is
``looking'' at closing its gold hedge book, Chief Executive
Officer Ian Smith said in Melbourne today. Miners sell production
before it's mined to hedge against a drop in prices. Newcrest has
about 700,000 ounces of gold hedged each year for the next 5 1/2
years, Smith said.
Read more at Bloomberg Commodities News
that mining companies will buy back production, restricting
supplies at a time of increased demand from jewelers.
Newcrest Mining Ltd., Australia's largest gold miner, is
``looking'' at closing its gold hedge book, Chief Executive
Officer Ian Smith said in Melbourne today. Miners sell production
before it's mined to hedge against a drop in prices. Newcrest has
about 700,000 ounces of gold hedged each year for the next 5 1/2
years, Smith said.
Read more at Bloomberg Commodities News
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