RE:RE:RE:Opportunistic Hedging? yes, your are right about gold exposure. Investing in VGCX is for me a way to have an indirect Gold exposure in order to diversify my portfolio and hedge as well my non-based currency assets. I should have diversify my total gold exposure into other Gold producers but VGCX looked to me like a nice safe play.
Regarding the hedging, from the FS 2022:
"In December 2022, the Company entered into gold forward contracts for 30,000 ounces of gold at a price of US$1,863 per ounce with monthly expiry dates of January 27 through December 27, 2023
So we had 2500 on 27th Jan, 27th Feb and 27th March."
POG at these dates was: 1927; 1817; 1956
my little summary (copy/paste excel... not sure it will show correctly here) show a loss of 0.277M USD for the first quarter.
My hope is that these 30K oz hedge will be the difference between 2023 total production and the low end of the guidance numbers :-) (160k)
| oz | Price | Amnt | Hedge price | G/L |
| 2'500.00 | 1'927.00 | 4'817'500.00 | 1'863.00 | -160'000.00 |
| 2'500.00 | 1'817.00 | 4'542'500.00 | 1'863.00 | 115'000.00 |
| 2'500.00 | 1'956.00 | 4'890'000.00 | 1'863.00 | -232'500.00 |
| 7'500.00 | 1'900.00 | 14'250'000.00 | | -277'500.00 |
| | | | | |
| 22'500.00 | 2'050.00 | 46'125'000.00 | 1'863.00 | -4'207'500.00 |
| 30'000.00 | 2'012.50 | 60'375'000.00 | 1'863.00 | -4'485'000.00 |