loooking, loooking...., page-11

re: ** loooking, loooking.worrisome... Agree that in theory the accounting position could have implications on further borrowings, particularly if gold were NOT in a bull market, but the fact remains that as long as the hedge can be delivered at a greater price than production cost, it is profitable. Earning less profit than may have been possible is not a loss per se.

Having said that I'm sure we will see a great many juniors punished severely when the next quarterlies are released, not only because of these notional accounting hedge "losses" but also the realisation of accelerating production costs, taking some to the point where production costs approach their hedge price