gln trading halt, page-10

Having looked at their quarterly, whilst the hedgebook looks good, they still have to deliver the ounzes. The interesting thing is that those hedged ounzes may very well be attractive at this point to someone who does / or will have the ounzes. If the gold price goes up beyond the hedged delivery price in the near future however, it may well be lights out for GLN as they would be called to deliver eg SGW. Could be a wise move for the long-term future of the company to trade out of a proportion of their hedge position to a more realistic amount of ounzes asap imho.