Zeev's Turnips Patch-No Politics (ZEEV)

[Zeev Hed]

I thought that ABX and PDG have a much greater hedging exposure than NEM, the latter's exposure is from a recent acquisition (and that exposure is being slowly unwound?). If one hold gold stocks in the hope of $330 be taken out, a company hedged three years into the future (like I believe ABX is) will not derive great benefit from such a jump. That author does not address that issue, but that must be one of the reason that the market gives NEM a higher premium of NAV. Am I missing something?

Zeev