That is an interesting read. I note that under our current...

That is an interesting read. I note that under our current conditions, after all the high finance, one party [The Dealer] ends up with gold that is worth a good bit more than the Hedge price. We deliver the gold to MBL [Annual Accounts Note 24.c] and even I understand they may have laid off their bets to minimise exposure. That said, they are a huge institution and the Hedge numbers are probably small-beer to them. I would also think they have a "naughty-boy" section that deals at the racy end of risk; most banks do. In any event, someone is doing very nicely thank you and brutally it is not us. My point, badly made, is that the Hedges are not forever but the key, here and now, is that is water under the bridge and what we need is more ounces out of the ground. I am sure Dave is absolutely on the case.