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AE, I can't wait for SD's response, but the answer to your question would be yes!
If he were anchored in a river with a 3 kt. current, his reading would show that he was moving at 3 kts. Anchors can drag, but they rarely drag upstream.
With that little bit of LWL on anything heavier than a Laser, that boat speed is a lot more than a little suspect. Some calibrating needs to be done in a non current area. A gps will get you close if there is no current.
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