PB, I'll just outline some facts. Last time I looked, hedging was around 130,000 oz @ $1600, 0r thereabouts. As i write this , POG is $1671.01. 130,000 by 71.01 = 9231300.00. Not insignificant. Secondly, people see POG fall by a margin, and can't understand why S/P's fall rediculously. Our AISC doesn't change, but our profit margin does. If we're making $500 @ $1700 per oz, and POG suddenly drops to $1600 per oz, there's ur 20% drop in S/P. I'm holding, and sitting on the sidelines to buy more. GLTA
Why???, page-7
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