Barrick’s Munk Sees No Need to Hedge Against Gold
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Barrick Gold Corp. Chairman Peter Munk said gold prices will extend gains as economies remain unstable and there’s no reason to hedge against a decline.
Barrick Gold, the world’s largest producer of the metal, spent almost $5 billion last year to end its hedges against lower prices. Gold, which has gained 12 percent this year and reached a record $1,265.30 an ounce in June, was trading close to its highest in seven weeks yesterday. Gold for immediate delivery was little changed at $1,229.30 an ounce at 10:23 a.m. in London.