All the recent themes are that the gold price is the problem. While I recognise that the gold price effects sentiment it will have no impact on PGI's cash flows as PGI is hedged for the next 100,000 ounces at $1358(net 1320). So untill late 2015 PGI will not sell any gold at the spot price.
By late 2015 the gold price will have traded all over the place and could be higher or lower.
The problem with PGI now it that the company has not released any updates for a month. This lack of news ensures that buyers stay away and sellers are forced to sell at slowly reducing prices.
The only thing that will change this is an announcement
where is this going?, page-10
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