they bought ounces on a dip to close out the last hedge early
the current hedge is looking highly likely to be underwater
the last 3 years have been a consolidation period for gold, far easier to keep a hedge in the black in that environment than to do it through a bull market
for some reason my previous post about the last bull run for gold and its pull backs seems to be the post that has caused this thread to crash and only show by individual post not the full thread. i can easily draw a chart again of that run
Argonaut - "Beacon Minerals - Proven Performer", page-88
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