CAI Valuation - comparison to peers, page-177

I don't think it works that way. The reason the bank forces the hedge when loaning money is because they don't want to gamble on the gold price. I would imagine that Macquarie is purely taking delivery of the gold to forward to the actual buyer on the other side of the contract at $2,350 oz for a brokerage fee. Perhaps someone knows for sure.

Macquarie however may have guaranteed CAI's delivery to the other side of the contract however at $2,350 oz which if the case, would be a reason for Macquarie to not want Calidus to go under. If this was the case, Macquarie would have to buy at spot $3,000 say to sell to deliver the hedge at $2,350 oz, thus losing $650 per oz for the remainder of the hedge.