Interesting to consider times when NCM = ~$32.
Nov 2007 with gold at about A$820
July 08 with gold at about A$1000
Current with gold at about A$1200+
I guess that means either:
(a) previous prices were high due to over enthusiam during market highs.
(b) current price too low.
Whatever the explanation, an unhedged NCM with oil price down must surely be doing well for it's shareholders.