David Shapiro: Market Commentator.

(From Moneyweb (South Africa): AAGM)

Byline: Alec Hogg

We will speak to James Henry in a while, the young man who ran the biggest unit trust in the country when he was at Old Mutual, then was a rebel and walked out of Old Mutual. He's now at HSBC Asset Management, and he's just done a fabulous report on gold ? why he thinks differently from our friend Nick Goodwin. I say that, because Brett Kebble seems to perhaps have done the right thing at the right time by unlocking those old gold hedges that were in place at Western Areas?

DAVID SHAPIRO: We've seen the benefit of unlocking hedges, we've seen it in AngloGold, getting a rerating, and we've seen Gold Fields, the upward rating of that. So I think that investors today are not looking for a company with a heavy hedge book. So, in the long run, I think what Brett has done will probably benefit the company. I'm not in a position to analyse Western Areas or that group, because it's an extremely complicated group, but Brett sounds like he's …