Ann: Initial Director's Interest Notice, page-38

Seems John Hussman nailed it. While it seems as if interest rates have broken out I would not bet against bonds now. In fact 10 year treasuries have a duration of less than 8 years and can withstand alot of inflation. I would be more concerned about US$ currency risk. Seems we get a race between more and more questions about the viability of the US$ (FED actions and other central bankers reactions + bond holdings of Japan and China) and a scramble for US$ by emerging market debtors.

Good for Troy to have everything sorted now that the action starts.

Big question mark how much the trade debt (Guyana = US$ based) will be worth 6 months down the road in real terms.

Probably better to not have much in reserves but a high margin (emphasised in the future by Ohio Creek which in its current form should turn out like several hundred thousand ounces at very very high grade, new low in AISC for Troy once mined) than to have no margin at all.