Ann: Presentation to Australian Gold Conference, page-6

Yes thanks for that important clarification, contextually it's what I meant.

One thing I'm not sure of - nobody knows - how long central banks and interested parties can hold down the POG.

I've always been leery of conspiracy theories but when you get JP Morgan chase being fined $US1 billion for manipulation of silver, and we know central banks can and do intervene to support markets, then the possibility of interference in the POG doesn't seem all that remote.

https://www.cnbc.com/2020/09/23/jpmorgan-to-pay-almost-1-billion-fine-to-resolve-us-investigation-into-trading-practices.html#:~:text=Finance-,JPMorgan%20to%20pay%20almost%20%241%20billion%20fine,U.S.%20investigation%20into%20trading%20practices&text=JPMorgan%20Chase%20is%20close%20to,with%20knowledge%20of%20the%20matter.

CASM are very astute from what I can work out and I particularly like their take on the lag of small to medium gold explorer/producers to the bigger ones.
Because you don't need certainty on the future POG for that. It puts BGD into a good position on analytics.