sbah22, I beg to differ. SGW were well under water with their hedges because they couldn't produce enough gold. The gold hedge losses were nothing to do with improper accounting (and you should be VERY careful before making those accusations against Cutifani) but because they were effectively having to buy hundreds of thousands of ounces of gold at $600 to satisfy a $450 hedge.
Ann: Capital Initiatives , page-71
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