The elegance of PGI at the moment:
With the AUD falling, not only is gold in AUD terms more valuable but PGI's hedge is more valuable in AUD terms.
And when the price of gold falls the hedge becomes even more valuble.
Although most costs in AUD will increase on a falling AUD , PGI also enjoys a tremendous margin on production that most other producers do not have.
So the biggest dilemma that I can see at the moment is "what will the price of gold need to be to trigger the decision to cash in the hedge?"
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