There is no lending with forward hedging, it is solely contractual with the only cost being a small spread going to the broker on opening, and each consecutive rollover. The risk was at the time of the hedge, the stop loss cost if the market did not continue down would of been in the vicinity of $5mil I would think for this amount. But now there is no risk with the hedging, only positives, as a $1600USD spot hit would most definitely be a bullish signal for gold and they will not need the hedge anymore, they would have a macro stop out in the money, at least to cover the spread costs. Unsure of RRLs hedging, didn't do as much research. But as long as the sell hedge levels are around the $1500+ mark, it is in the same category.