黄金矿企应采取对冲策略
关键词：黄金生产商
花旗集团研究部门称，黄金生产商正在重新评估是否会通过对冲一小部分的黄金产量来获得收益，而这些企业的股东则很可能会反对这一政策。
在上世纪90年代，矿企曾大规模对冲，而在此后金价飙升后矿企不得不大规模回购，引发公关危机。
花旗认为：“黄金从1976年的100美元/盎司上涨到了1979年的850美元/盎司，而后在1982年跌到300美元/盎司。金价还从2008年的750美元/盎司涨到2011年的1850美元/盎司，而后又跌到2013年的1180美元/盎司，对于这样的商品，矿企难道一点都不对冲吗？”
花旗认为，矿企对冲正如对燃料价格进行对冲的航空公司一样。“所以为什么那么多黄金投资者坚持要0对冲政策呢？”俄罗斯矿企宣布的对冲政策是“勇敢的”，“我们不确定对冲10%还是30%的商品是正确的数量。我们确定的是黄金生产行业应该对此有公开的讨论，不要再考虑12年前的公关危机。找出为股东带来最大利益的策略。”
而法国外贸银行商品研究主管则认为，金价将由美联储的行动所推动。
关键在于美国经济状况什么时候能回到正常化的状态，如果太长时间后才升息的话，会有资产泡沫的风险。提到近期伊拉克局势，他认为中东局势的不稳是可能把油价推高的，而油价上涨那么也将有推动通胀增加的可能。
而针对目前的，他认为“在完全没有通胀的情况下，金价要考虑的就是生产成本。”
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本文来源： 大田环球贵金属
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