Yes the hedge numbers are included. Below is how I estimated the average sale price.
Assumptions: GMD sell fixed amount of gold (based on forecast) on every working day at fix time of the day. GMD will produce 53,00oz which I think is doable (well, I am an optimist!).
Based on the chart below: Average sale price of gold for the qtr is ~$4,530 i.e. Area Yellow=Area Green (I think I am conservative here) GMD average sale price calculation=( (53,000-4,500)*4530 +4,500*3,649)/53,000 ~ $4,450/oz
Cheers.
GMD Price at posting:
$3.72 Sentiment: Buy Disclosure: Held
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