No forward gold sales means it's marked to market, so it not a conventional hedge, it is just repaid in gold and not by funds. So if the gold price increases, they repay with less gold (than they would have at today's prices). A$ gold price is only going one way for a while as: (i) US$gold i expect will depreciate with the US 10 Year-2 Yr spread; & (ii) A$ is hitched to Fe203.
No forward gold sales means it's marked to market, so it...
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