Now the massive Barrick Gold Corp who was once the biggest gold hedger of them all has stated that it too will begin to reduce its hedge book by at least 33%. Yesterday Newmont said it will have NO hedgeing by January next year.
Its pretty obvious why these companies are doing this. They see greater profits by participation in what is a very nice increase and continuing increase in the price of gold. Clearly they expect gold to go much higher.
This is great news for gold bulls. I notice gold rebounded very strongly overnight. Perhaps the rumors of these big funds getting ready to take on the gold cartel are correct. Apparently big fireworks begin when the bid for gold gets to $330. Cant wait!
