New "hedging" accounting rules take effect June 15. Now the hedgers learn the problems of being a financial institution (trading desk). I'm betting this will be a mess for many (perhaps explains the muted little XAU rally), and could signal the demise of positioning gold mining as a spread business, similar to the bank or insurance company model. Coupled with the news that China is a buyer, very bullish news. I guess the big question: Do the central banks swamp this rally?
Best leverage and risk/reward: unhedged advanced stage explorers: PGD, MNP, FGX, BAY, TNX, BGI, NSU, AZS, GBG, CBD, GLDR.
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