Tammyc, I haven't checked your numbers but I'm assuming you're...

Tammyc,

I haven't checked your numbers but I'm assuming you're applying a constant linear progression?

I think this is incorrect, if POG gets to $2000, all other things held equal, we'll see a SP well in excess of 87c, I'd estimate more around $2.

The GP doubling for the sake of argument might cause a doubling of the SP in linear terms but it will cause an increase in profit well in excess of two fold, therefore, I don't think the GP is relative to the BDR SP in a constant ratio.

Essentially, I think your numbers are on the conservative side.

However, I could be wrong on this, I haven't really given this much thought.

Cheers
Ivan