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.