I don’t know the history of the hedging but it was pure madness to commit so many years forward. I also am not sure that the nuts and bolts of the hedging were transparently disclosed. The way I read it was that the sales income per ounce of gold sold would increase over time which is contrary to today’s announcement.
If there is any positive from the hedging I hope this will prevent RRL adding to the hedging anytime soon so that the company can ride the gold bull market to the max when it gets into full swing.
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