Ann: Hedging Transaction, page-8

Looks good to me

Roughly 40k ounces hedged at 1700

Sell them make a profit today bank 6 million

You have not lost it you made it in cash

Now think of this scenario
Italy votes and passes the changes
Shakes a few things up gold goes back up
Towards 1700 ausd per ounce

You would loose the 6 million profit on paper

Now if gold did shoot up again eg italy Blackham would be able to re hedge more and in months forward if gold dropped again they could relise the profit again

Interesting
I am starting to think i will double up my holdings
These guys are starting to show promise