Global Gold Hedging Trends in Q1.26
- Gold net de-hedging rate increased, driving the global delta-adjusted hedge book down to its lowest volume since Q4.14 (p. 1).
  - Global forward contracts fell by 642koz q/q to 2,178koz, while delta-adjusted gold options decreased by 69koz to 1,866koz (p. 1).
  - High average all-in sustaining cost margins of $3,076/oz and revenue-limiting legacy hedges drove the de-hedging activity (p. 1).
  - Early contract settlements via cash or physical delivery closed some hedge books and freed some producers from commitments until FY27 (p. 1).
Global Silver Hedging Trends in Q1.26
- Net hedging momentum slowed as the global delta-adjusted hedge book rose by 1.4Moz q/q to 46.7Moz (p. 1).
  - Global silver forward contracts remained flat q/q at 15.7Moz, while delta-adjusted silver options rose by 2.1Moz to 31.5Moz (p. 1).
  - Bought puts had an average strike price of $48/oz, well below the quarter-end spot price of $74.58/oz, while 78% of sold calls were in-the-money for counterparties (p. 1).
Gold Producer Hedging Activities
- Northern Star Resources remained the most hedged producer in the dataset with 953koz of forwards outstanding at quarter-end, down from 1,118koz in Q4.25 (p. 4).
- Alamos Gold settled 15koz of legacy Argonaut hedges for a cash payment of $42.7m, leaving 80koz remaining for delivery in 2026 and 2027 (p. 3).
- Barrick Mining held 750koz of outstanding options, recording a realized loss of $42m in Q1.26 and a fair value loss of $529m on remaining options (p. 3).
- Other gold producers reduced or pre-delivered commitments, including Bellevue Gold pre-delivering 32.5koz and Evolution Mining delivering 10koz (pp. 3-4).
Silver Producer Hedging Activities
- KGHM held 29.9Moz of collars and seagulls outstanding, with combined puts at an average strike of $50.3/oz and sold calls at $65.7/oz (p. 5).
- Peñoles reported outstanding forward buy contracts of 1.7Moz and sell contracts of 3.3Moz, alongside 4Moz long and short swaps (p. 5).
- Hecla had 10Moz of put options outstanding with an average strike price of $50.0/oz, recording a $1.2m loss (p. 5).

Metals Focus Hedging Summary Q1.2026

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