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Gold/Mining/Energy : Gold Price Monitor
GDXJ 101.44+3.5%Nov 12 4:00 PM EST
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To: long-gone who wrote (54149)6/13/2000 10:06:00 AM
From: Hawkmoon  Read Replies (6) of 116758
 
Richard,

The Spike in gold did not destroy Ashanti's hedging position, but rather, from what I understand, caused them to adjust their position with the bullion banks with regard to the collateral they offered to back up their hedges, in fact, making them more subservient to the BBs wishes and desires.

That is not positive for gold, but rather strengthens the BBs ability to control the price of the metal as miners are more indebted to them.

Do you have any evidence that suggests that Ashanti has completely liquidated all of its forward sales?

Regards,

Ron
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