true gearing of ncm, page-2

Thanks for the thoughts.

I hadn't considered the USD change raising debt levels. Good pick up.

I also question NCM equity.

I generally don't like intangibles being classed as equity and AQG is a good case to observe the change in value of a mine as POG drops.

I am short term short (with puts)

and long term long (with calls)

however, i am so out of the money with the options I doubt i will do anything but lose both bets. BUT... if something extreme happens at the right time, well... no more rice and milk-powder for dinner!!