- Pan American Silver (PAAS) decides to close out its outstanding silver and gold hedges, saying hedges it put in place as a short-term tactical response may have been misinterpreted by the market and its shareholders.
- PAAS previously announced forward contracts for 5.3M oz. of silver and 24K oz. of gold at respective average prices of $20.43/oz. and $1,323/oz.; the amount of silver and gold under contract represented a respective ~20% and 18% of its forecast 12-month silver and gold production.
- PAAS -1.6% premarket.
Pan American Silver to eliminate silver and gold hedge contracts
Sep 10 2013, 09:26 ET