Have been putting on a small long position over the last couple of days, am struggling to understand how value is actually realized in this company. If gold/silver prices stay the same why can't a financial buyer buy it for $20/share and then sell futures or forwards on gold/silver to hedge the price exposure on maybe 70-80% of peak production? If you did that for the next 5 years don't you get back 2/3 of your purchase price in cash flows over that time? Am also puzzled why the stock went down so much if guidance is not being removed for 2013? I.e they seem to be on the path to delivering the 225k in 2013 so then isn't the stock going to re-rate to the low-to-mid-20s? Lastly, what did Baupost and every other major fund see in this stock in the 30s which is where most of them bought in? This is way beyond gold/silver going down and missing production targets last year, this is at a scary level right now.