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The piper is being paid

For over a decade, gold bulls lambasted the gold mining companies that were hedging their production. But, while gold prices were falling, the mining companies ignored the complaints.

Barrick Gold Corp even bragged that it was not a mining company but a “financial house.” Now, they’re singing a different tune.

A article discusses Barrick’s and Newmont Mining’s woes in dumping their hedge books. also has an article on industry dehedging.

Meanwhile, miners in South Africa seem set to strike, which, if it comes about and lasts some time (doubtful), should result in higher gold prices.

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