Selling forward would have to be a mistake as you've lost your exposure to any upside in the gold price for 3 years. Buying put options would achieve the same protection but, as they are just an option,they don't have to be exercised if the price goes higher than $1000, for example. Surely, the latter option is the one to go for and those that talk to Dave Webb regularly (including major shareholders like Sprott and PFS) will be making this point, I'm sure.