21.   More recently, sliding interest rates have made hedging less profitable for the central banks that lend their bullion for forward sales.

22.   Newmont will deliver it as the forward sales come due.

23.   Producers were making forward sales of gold to take advantage of gold prices that are close to their highest level in more than five years.

24.   Record forward sales of gold by mining companies helped fill the gap between supply and demand last year, analysts said.

25.   Such a small contango rate will discourage producers like Barrick from borrowing gold for forward sales, Munk said.

26.   The central banks have also played a role in the fall-off in forward sales by gold miners.

27.   The central banks have also had a key role in lending gold to finance forward sales by producers and short sales by investors.

28.   The deficit was only filled by forward sales from producers and other sales by central banks, Gold Fields said.

29.   The company was well protected by an increase in its forward gold sales.

30.   The costs of borrowing for forward sales have also gone up.