金鉱山会社は先物ヘッジに興味がない。

 普段は投機筋のネットポジションしか見ていないのですが、CoTリポートのProducerポジションをみるとヘッジ量がとても少なくなっています。先物市場はもともとコモディティ業者が商品価格をヘッジすることを目的に開設されたものです。産金業者はゴールドに先安感があると何ヶ月か先のshortsでヘッジします。ところが最近のProducerネットポジション（ゴールドの売り手なのでネットショートですが）とても少なくなっています。彼らに先安感は無く、ヘッジに興味が無いようです。過去を振り返るとProducerのヘッジが少なかったのは2015年遅くと2018年遅くでした。

https://x.com/jack_hoogland/status/1794602835293962336




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