黄金市场重回净对冲状态
关键词：黄金对冲
金属咨询机构汤森路透黄金矿业服务公司(GFMS)的分析师称，黄金生产行业会在今年进入净对冲状态，这是2011年之后的第一次，也是黄金市场现6年来最大对冲交易。
俄罗斯最大黄金生产商在上周宣布完成了该行业6年来最大一笔对冲交易。由于黄金生产商试图锁定目前的金价，通过远期合约出售黄金的做法可能会越来越多。以锁定价格出售未来产量的对冲交易可使矿企免受价格下跌的危险。
在过去10年，由于金价持续上涨，这一策略使得不少矿企有大损失之后，基本被黄金生产行业抛弃。去年金价的大幅下跌使得对冲策略再度被提出。
而在上周则宣布了一个两年的合约，将在此期间出售31万盎司黄金。“此举表明对2014年来说，净对冲策略这一预料中的结果出现了，“GFMS贵金属研究和分析主管说到。
法兴银行和GFMS在周五发布的全球对冲分析中显示，在今年第一季度中，黄金生产商们自2012年以来第一次增加了对冲头寸。至今年3月底，对冲量总共为87吨，较上一季度增加了9吨即11%。在1999年第三季度，对冲量曾达到顶峰的3000吨。
新西兰黄金生产商拥有最大的对冲量，其计划在两年中对冲出售6吨黄金。
从持仓量来看，数据显示，今年一季度黄金ETF净流出量为零，而去年同期净流出177吨。同时，近期黄金ETF持仓量开始有企稳的迹象，过去三周的总持仓量一直企稳在1715吨附近，说明投资者情绪有所改善。
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本文来源： 大田环球贵金属
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