The gold industry's legacy of forward sales is set to all but disappear by next year following the decision by the largest gold miner to buy back its hedges.
The size of the industry's hedge book is set to drop to a residual of less than 200 tonnes by the end of 2010, the lowest in almost 25 years, according to industry estimates.
The reduction is a 95 per cent drop from 3,000 tonnes a decade ago.
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