Are you assuming another 12% decline in the dollar by June? I think that early in the year we may actually get a bounce in the dollar (just a dcb), and that $450 on gold (and staying well above there to pay for those calls) may take till later in the year. As for trading NEM in the $48/$50 area, I do the sme, though have not sold higher than $48.87 so far...(g).