If IO prices keep going down, I doubt AGO will stabilise until it hits around 1 to 1.3 cents. It's just how human psychology works. It's like jumping off a cliff when you are certain you will be caught by a trampoline. People just fear the worst.
AGO just needs to hedge for half a year and they are safe in my opinion, even if IO keeps going down.
If IO prices keep going down, I doubt AGO will stabilise until...
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