sound familiar, page-4

They've been predicted a fall since copper cracked $1. Hedging can be a very dangerous strategy if you get it wrong.

As we are witnessing inflation is rampant, costs are rising as fast as commodities keeping profit margins fairly even. If we had hedged at $1.40 as many thought a great idea just a year ago, AVM would be marginal as a prospect today.

Personally I think we are in more than a supercycle, I think we are entering an inflationary cycle, if not a hyperinflationary cycle. In that environment hedge at your own peril.