Fair enough. If I bought that low I'd probably have sold too. But we do disagree on the hedge as I don't see gold going over $1000 an ounce and $801 is a nice compfortable level. If gold goes to $2000 an ounce great, two thirds of their production will be getting that price. The company has said their costs (given current energy costs) are just about right on track so unless you see oil hitting $250 a barrel I think they will be just fine. Plus if cost of production ever hit $1000 I would assume we would be entering Mad Max era and total chaos would mean that stock market investing as we know it will have been eliminated ;-)
The fact remains that production starts next month and most if not all analysts (not that they really matter) agree that the stock will be assigned a new multiple once production starts. This isn't a exploratory gold company, it is a producer with the largest independant gold mine in the U.S. and should soon be priced accordingly.
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