For those wondering why the tone of this post is so hostile I...

For those wondering why the tone of this post is so hostile I dared to suggest one of glendronach's investment had problems and he and his fellow holders have all reacted like I was calling their baby the ugliest thing to ever be birthed.

You can't just subtract the current spot price from the average hedge to get the cost of the hedge. The reason why is we don't know the price of the hedge positions closed, just the average price of the hedge. The hedge will consist of positions above and below the average hedge price. Since the average hedge price moved up over the last quarter the positions closed out must have come predominantly from those under the previous average ($1580 from memory). I assumed the average price of the hedge closed out were in the $1530 to $1550 range - guess how much this is under the current spot price?

Nothing exciting happened with DRM which is good. If you want excitement go buy a biotech stock, if you are an investor in a mining company you want management to provide guidance and deliver on that guidance consistently which LJ has done. I have been very impressed with LJ's performance and believe he will deliver on his promises which is why I continue to hold.