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Gold/Mining/Energy : Gold and Silver Mining Stocks
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To: goldsheet who wrote (1359)6/11/2001 3:58:54 PM
From: russwinter  Read Replies (2) of 4051
 
Actually I'll revise that to a still too high 440% hedged, cause I'm going to give them the increased Buly production or 3.8 million annualized. The long dates of their hedges are a special red flag.

My hedge book calc:
16.1 spot deferred
2.7 Lt call write
0.7 St call write=
total 19.5 minus 2.8 St calls in 2001=
net hedge 16.7/3.8= 440%

I'm not completely sure how their 1.05 million oz mini-max contract works, but it looks like a straddle of some type. Can't tell if it's a bull or bear though. I'll call it neutral?
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