Ann: December 2014 Quarterly Report, page-20

It seems to me (my opinion only) that all the skeletons are out of the closet re SLR management, production, All in costs, etc. There has been a lot of discussion over bad management decisions in the past, and I'm not interested in revisiting this. They appear to have battened down the hatches and are trudging forward. When a company benefits from hedging, they are called brilliant planners. If however hedging turns out to be an unneeded impediment, people trash them for bad decision making. It's always going to be a black and white thing, and honestly, considering the uncertainty in the gold market, who can blame them for hedging 1/3 of production at a price that at least pays the bills.

Thus it seems that SLR's price for the foreseeable future will be tied to one thing only - the USD price of gold. And this is an unknown. Last year I read predictions of as low as $800 and as high as $3000. I'd have to be mad crazy to wade in and make a prediction.

One thing that should be influencing SLR's share price is the falling Australian dollar relative to the USD. When the Aussie dollar was above par, and the price of gold USD$1800, that translated to something like AUD$1700-1730 per ounce. Now with the dollar hovering at .80 and predicted to fall to .75, they are getting AUD$1630 or so and will get even more with every cent drop of the AUD. This is where the RBA wants our dollar and it seems to me it will end up between .75 and .80 and stay there which is where the hope lies not just for the gold producers, but any Australian company that exports.

At some point when this dawns on investors, and hopefully producers like SLR start to deliver some results proving how well they are doing on the falling dollar, there will be a return to investment in SLR as it will be substantially de-risked. In the meantime, I agree with the prediction that it will move in a range, maybe .24 to .31 or so. Good for trading, not so good for holding.