| 31. | Record forward sales of gold by mining companies helped fill the gap between supply and demand last year, analysts said.
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| 32. | Many mining companies sell all or most of their production through forward sales, whose risk is offset in the futures market.
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| 33. | As well as locking in more forward sales, higher gold prices dampens demand and increases the supply from outside gold mines.
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| 34. | More recently, sliding interest rates have made hedging less profitable for the central banks that lend their bullion for forward sales.
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| 35. | In October 1997 Sainsbury's announced the forward sale of Forestside to the Universities Superannuation Scheme ( USS ) for approximately ?0m.
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| 36. | In the latter half of 1995, a deluge of forward sales, particularly by South African and Australian companies, killed off price rallies.
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| 37. | Lower gold prices reduce the appeal of forward sales and operating costs for many mines are rising, including those run by Newcrest.
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| 38. | On the other hand, if Halliburton's stock fell, he would have less ordinary income and a capital gain on the forward sale.
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| 39. | Barrick has already sold its future gold production for the next two years at higher than current market values using forward sales contracts.
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| 40. | Forward sales cover gold that hasn't yet been mined while call options give the holder the right to buy gold should prices rise.
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