gold market analysis

[Nina79]

Morning guys! I am having that problem of not being a geologist again. Can someone please look at this and help me out? THANKS!
ORIGINAL:
Де-хеджирование производителями золота значительно увеличилось, составив в пересчете по дельта методу, 403 тонны золота. Вызвано это было в значительно степени дехеджированием Barrick при поглощении Placer Dome, составившем в пересчете по дельта методу 246 тонн. Свой вклад в дехеджирование внесли также AngloGold Ashanti (40 тонн) и Newcrest (35 тонн). В итоге мировой хеджинговый портфель, пересчитанный по дельта методу, составил на конец 2006 года 1 334 тонны.
В 2007 году, однако, ожидается снижение дехеджирования производителей с выходом на обычный уровень (160-180 тонн в год). Тем не менее с уверенностью ничего сказать нельзя, так как очередное слияние или поглощение может кардинально изменить картину.

MY ATTEMPT:
The de-hedging of gold producers значительно увеличилось, составив в пересчете по дельта методу, 403 tonnes of gold. This was mainly the result of the high level of de-hedging of Barrick with its absorption of Placer Dome, составившем в пересчете по дельта методу 246 тонн. Свой вклад в дехеджирование внесли также AngloGold Ashanti (40 tonnes) and Newcrest (35 tonnes). In total, мировой хеджинговый портфель, пересчитанный по дельта методу, составил at the end of 2006, 1 334 tonnes.
In 2007, a decrease in de-hedging is expected с выходом на обычный уровень (160-180 tonnes per year). However, nothing can be said with certainty, as another merger or absorption could change the picture in a big way.

Thanks a billion!

[Nina79]

Really, this de-hedging thing is beyond me. I know it's a business practice but have no idea what it entails. also в пересчете по дельта методу ?? мировой хеджинговый портфель??

[feinheit]

The de-hedging of gold producers increased much and made up after delta method re-counting 403 tonnes of gold. This was mainly the result of the high level of de-hedging of Barrick with its absorption of Placer Dome, which made up after delta method re-counting 246 tonnes. AngloGold Ashanti and Newcrest also made a contribution into the de-hedging (40 tonnes and 35 tonnes, respectively). In total, global hedging portfolio at the end of 2006 made up after delta method re-counting 1 334 tonnes.
In 2007, a decrease in de-hedging is expected with reaching an average level (160-180 tonnes per year). However, nothing can be said with certainty, as another merger or absorption could change the picture in a big way.

I'm not a specialist, just interpreter dept student.

[Просто так]

Nina,
the original of this article is below. You are translating from Russian into English this time, right?

Dehedging and mine output

Dehedging, which was thought to have been an important factor behind the initial price strength last year, was expected to return to a more normal rate of under 200 t/y for 2007.

Barrick's buy-back of the Placer Dome hedge in the first half of last year proved to be the biggest story in 2006, with dehedging in the second half relatively muted. In total, a provisional 403 t of gold was cut from the outstanding producer delta-adjusted hedge book.

The significant cut, a close to five-fold increase year-on-year and only slightly lower than the record 422 t set in 2004, left the delta-adjusted global book, as at end-December 2006, at a provisional 1 334 t.

In the shadow of Barrick's massive 246 t dehedge, other contributors to annual dehedging in 2006 included AngloGold Ashanti, with a more than 40 t reduction in its hedge book, and Newcrest, which reported a 35 t drop in cover. Kinross, Harmony Gold, Newmont, Lihir and Kingsgate Consolidated also reported single-digit declines.

Commenting on the outlook, Walker highlighted that GFMS' expectations for the pace of dehedging in 2007 were for a marked decline, mainly as “the run rate of the hedge book has been much reduced as a result of past massive restructures and buy backs”.

Walker stressed, however, that GFMS's base case of between 160 t to 180 t was probably at the low end of the scale, given the broad sentiment among producers that gold prices would continue to strengthen.

[Nina79]

prosto tak, where did you find this?

[Nina79]

prosto tak
looking at the russian and then what you say is the english original, doesnt it seem that the russian author go things a bit confused?

[Просто так]

http://www.miningweekly.co.za/min/sector/gold/?show=100152

[Просто так]

Ya, kind of... Plus the russian author just summarized it and added his own opinion at the very end...
Тем не менее с уверенностью ничего сказать нельзя, так как очередное слияние или поглощение может кардинально изменить картину.

Nothing is clear anyway, as any further buy-back or merge can completely change the entire picture again.

[Nina79]

prosto tak.
yeah this guy didnt really do a very good job, now did he. he is going to get an nasty e-mail from me about doing his own work

[Nina79]

thanks to all for the help!