Detour Gold Would Consider Hedging, If Gold Price Drops Says CEO

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If the price of gold drops any further, some would consider hedging options…

“Detour Gold Corp would consider using a hedging strategy if the price of gold drops from current levels, the Canadian gold miner’s interim Chief Executive Paul Martin said on Tuesday,” reports Reuters.

“The board of directors has given approval for management to hedge up to 50 percent of the output from its Detour Lake gold mine in northern Ontario, if circumstances require such action, said Martin, speaking from the sidelines of the TD Securities Mining Conference in Toronto.”

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“Martin, who was named interim chief executive in November, said Detour does not have a set gold price at which it would deploy such a strategy. He said that the company is constantly assessing the situation, but stressed that any hedging strategy, if used, would be very short term in nature.”

In metal price news for gold…
On Tuesday, January 28, Indian gold bullion rose 2.8 percent to finish as the day’s biggest mover. Chinese gold bullion saw its price rise 1.4 percent. US gold bullion closed 0.6 percent lower. Japanese gold bullion held its value yesterday.

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Indian silver prices inched up 1.9 percent. US silver finished the day down 1.0 percent. Chinese silver gained 0.4 percent to finish. Following two days of downward movement, the price of Japanese silver held steady.

Tuesday saw the price of Chinese platinum bar drift down 2.6 percent after three quiet days. US platinum bar prices saw a 0.8 percent decline. The price of Japanese platinum bar steadied following two-days of dropping prices.

The price of Chinese palladium bar fell 2.4 percent yesterday after three straight days with no change. The price of US palladium bar declined 0.3 percent. Japanese palladium bar stayed flat.