The curse of hedging that blighted gold in the 1990s is making a comeback, and threatens to loom over the market like Banquo's ghost.
London-listed gold producer Petropavlovsk has said it will pre-sell 55pc of its future output planned for the second quarter of 2014, at an average price of $1,408 an ounce. This is the first time that a big producer has hedged more than half its future sales.
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