get a grip, page-44

"CCU hedged 180,000oz per Qtr (60,000 per month) at $29.6 per oz."

Why do you call this "hedged?"

CCU haven't hedged their bets at all.

Instead CCU has commited to deliver to another party 180,000 ounces of silver a quarter for 10 quarters at a fixed price of A$29.60 - even if silver, which is in a bull market, is $A100.

I don't call that "hedging."

I call it fixed price, non inflation adjused, forward selling.