I hope these f*wits haven't timed the peak. They could have closed the hedge book anytime in last 12 months for a lot less. Not closing it right at the damn all time highs.
I understand hedges for financing. But they held the hedges for yrs. Now with less than a yr to go they pick the month gold breaks out to ath? I've lost a bit of respect for management with that call. Just wait it out at this point.
Ann: Closure of Hedge Book, page-19
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