题目错了吧

问题如下：

Which of the following statements is correct about the case of Ashanti Goldfields?

选项：

Ashanti Goldfields hedged its risks by entering into agreements with financial institutions to buy gold forward for two or three years.

If the price of gold rises fast, the forward agreements lose money and result in big margin calls.

Ashanti Goldfields did not face pressure on short-term cash flow, as the losses on the forward agreements are offset by increases in the value of the gold in the ground.

The lesson from the Ashanti is that companies should not use forward and futures contracts for hedging.

解释：

考点：对Liquidity Funding Risk的理解

答案：B选项表述正确，本题选B。

解析：

B选项表述正确，由于Forward有损失，Margin call上升，并且Ashanti was unable to meet margin calls，导致了公司的重组。

A选项表述错误，Ashanti Goldfields是Sell gold forward for two or three years

C选项表述错误，理论上Forward的损失和金矿的收益可以对冲掉，但是Forward面临巨大的Margin calls，需要较高的短期现金流，而金矿很难在短期内产生现金流。

D选项表述错误，正确的结论是：The lesson from the Ashanti and Metallgesellschaft episodes is not that companies should not use forward and futures contracts for hedging, but rather that they should ensure that they have access to funding to handle the cash flow mismatches that might arise in extreme circumstances.