Ovvero: Pararsi un po' il cul* in questo pazzo pazzo mondo di carte filigranate, iperfinanza globalizzata e picco delle risorse

giovedì 30 luglio 2015

Harvey (Reuters); Le compagnie minerarie in oro scelgono i derivati per proteggere le proprie entrate


I miners si stanno ributtando sempre più nell'hedging, per proteggersi da crolli eccessivi del prezzo, praticamente vendeno in anticipo a prezzi attuali, supposti più alti di quelli futuri. Favorite le opzioni.


MineWeb - Gold miners pick derivatives to protect income
Jan Harvey (Reuters) | 30 July 2015

Gold mining companies are turning increasingly to derivatives to lock in future revenues, as an industry still smarting from losing out on a 12-year bull run gets creative over protecting its income during the metal’s current downturn.

While miners overall remain wary of hedging — the outstanding global hedge book stood at just 6.2 million ounces at end March compared with 57.2 million a decade earlier — those who do favour the strategy are leaning more strongly towards options. Data released this month from Societe Generale and GFMS analysts at Thomson Reuters showed options structures made up 46 percent of the global hedge book by the end of the first quarter of 2015, compared with just 16 percent in the same period a year before and 11 percent in 2013.

Hedging allows miners to lock in the price of their output, usually by selling future production forward. This offers protection from falling gold prices, but means they can lose out if prices rise sharply.

Big mining companies lost billions closing out hedges during a 12-year rally that took gold prices to record highs in 2011 just shy of $2,000 per ounce.

Since then, hedging has been heavily out of favour with most of the biggest miners, and prices have continued to decline, with last week’s slump to 5-1/2 year lows seen opening the way to further losses.

Some miners are now stepping back into hedging, but the profile of those deals has changed. Their hedges tend to be smaller, cover shorter timeframes, are often project-specific, and are more frequently options-based.  Rather than simply selling metal forward, options allow miners to put together more complex structures like zero-cost collars to protect revenues.

tutto QUI

2 commenti:

  1. e se i prezzi dovessero salire? sarebbero fottuti?!
    il sistema completo, oramai tutti li usano, si avvia alla sua distruzione................

    Sbaglio?

    RispondiElimina
    Risposte
    1. se i prezzi salgono perdono sui derivati .. ma magari vendono meglio il fisico, no? Grossomodo è così che funziona l'hedging, almeno in origine era nato per questo, per pararsi il culo appunto ... come funzioni poi nel dettaglio non lo so. qualcosa del genere devono fare anche i venditori online che hanno prezzi che variano in simultanea con le quotazioni.

      Elimina