re: huge sellers..pas? Pas was hedged against a rising $ and in such a way that they were hugely exposed when the AUD fell instead.
Goldminers who hedge do so to quarantee themselves a minimum price for at least part of their output. The potential risk is that:
a. they can find themselves delivering gold at a price far below what they could get on the open market.
b. they hedge in such a way that they create a debt as the price moves against them. That was PAS's problem.
The beauty of hedging is that you can lose an enormous amount of money very quckly with a minimum of effort.
Of course that's not the intention but in the past it has often been the bitter reality.
LHG
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