Nice post Rowingboat.
An example from our market is our biggest gold stock and one of the world's biggest gold stocks - NCM.
A hedged at low gold prices NCM hit $40.00 in 2008 when gold briefly touched the US$1000 mark. Gold is up about 40%, NCM is now unhedged, and yet at time of posting is only trading at $39.90.
gold charts, page-10
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