I agree - it is very bad hedging. IO is now approx $US 76 / t and they have AUD 58 ? Who is AGO's financial advisor ? What a shame. Good I followed recent MACD signal turning negative and I sold 80% of my holding at 3.3c. But looks like I was naive to hope for a 'miracle' for the remaining 20%. Now I face a tough decision : sell or not those 20% at 2.5c ? Probably shall sell ... uf ...