hi JWN
In fact Newcrest is only hedged for 50% of the first stage of Telfer..and with it's currency positions..makes profit on the rise in the A$..so as usually happens as the POG goes up NCM will have half the exposure to the spot and also gain on the currency...only a brave person would short Newcrest at the moment!!but good luck.. either way I,m hanging onto my 6K NCM!!