They would likely be embarrassed forward selling gold $200+ under spot for months, it would be giving me sleepless nights and I'm a smallish investor only management have millions tied up in this so they lose more than anyone making foolish hedges.
I thought they should be stockpiling bullion as much as possible knowing that the west is in a problematic inflation cycle and gold is the canary in the inflation mine.
Ann: Quarterly Activities Report, page-22
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