Reuters – Barrick Gold Corp said on Tuesday it had completely eliminated its fixed-price hedge book, allowing the company to take full advantage of rising gold prices and sparking a 7.6 percent rise in its shares.
Perhaps appropriately, the announcement came on a day the price of gold hit $1,200 for the first time, as the hedges — which totaled 3 million ounces before Barrick began buying them back in September — had become a symbol of the company’s inability to benefit from a favorable gold environment.
