金价还能更高？矿商仍然拒绝锁定利润！

Core Insights - Gold prices have reached unprecedented heights, with recent figures surpassing $3500 per ounce, both nominally and in real terms, prompting a lack of urgency among mining companies to hedge their production [1] - The World Gold Council reported that net hedging by producers in Q1 2025 was only 5 tons, continuing a trend of significant reductions in hedging activity [2] - Analysts indicate that the current profit margins for gold mining are at a 50-year high, yet there is little evidence that this will change the industry's approach to hedging [1][2] Group 1: Industry Trends - Mining companies are generally resistant to hedging, preferring to allow shareholders to bet on gold prices rather than locking in prices through hedging [1] - The total amount of hedging in the industry has drastically decreased, with only about 180 tons currently hedged compared to approximately 3000 tons in the early 2000s [2] - Companies are focusing on expanding operations and acquisitions rather than actively increasing hedging to mitigate potential downturns [3] Group 2: Company Perspectives - Regis Resources' CEO noted that the current gold price is favorable, and the company has eliminated hedging positions that previously hindered cash flow [3] - Northern Star Resources, while maintaining some hedging, has not added new positions recently, viewing hedging as a cautious approach to ensure returns on new investments [3] - Westgold Resources' CEO stated that it is a great time for unhedged gold producers in Australia, as the company has cleared its hedging positions [4]