If you do the math (and I agree with Jimmi's calculations), the ability to sell the gold and convert at real rates makes our 1/3 more valuable than the whole thing without that ability.

If you don't believe it -- take a look at Rusoro's very poor net realized gold prices, and inability to expand operations based on the poor returns.

Agreed....I wonder whether the Chinese Goliath will next devour the troubled Rusoro who can't make a profit with the present terms of central bank gold sales. Perhaps that is why Rusoro has gone from beating their chest to organizing labor protests...the "hunter" becomes the "hunted". Eat sh!t and die Rusoro!