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WO R LD G O L D CO U NCI L

UTILISATION OF BORROWED GOLD BY THE MINING INDUSTRY DEVELOPMENT AND FUTURE PROSPECTS
Ian Cox, Ian Emsley Research Study No. 18

UTILISATION OF BORROWED GOLD BY THE MINING INDUSTRY DEVELOPMENT AND FUTURE PROSPECTS
Ian Cox, Ian Emsley
Research Study No. 18 April 1998

WO R LD G O L D CO U NCI L

2

CONTENTS
The Authors..............................................................................................................4 Acknowledgements ................................................................................................5 Foreword ..................................................................................................................6 Introduction..............................................................................................................8 Summary ..................................................................................................................9

Part One
The Growth in Mine Utilisation of Borrowed Gold ........................................11 The Case for Hedging ..........................................................................................15 Hedging Instruments – Their Development and Usage ................................19 Australia ................................................................................................................21 North America ....................................................................................................22 South Africa ..........................................................................................................23 Gold’s Price Decline in 1996/97 – Its impact on Hedging Strategies ..........25

Part Two
The Supply of Leased Gold and Banking Risks in the Gold Forward Market ......................................................................................29 The Market

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