AngloGold CEO Bobby Godsell:
"Hedging was made a concern by the other side. A modestly rising gold price – and I am delighted that the gold price rose – favoured their bid in the last few weeks," said Godsell. He also said AngloGold had wound up 4 million ounces of forward contracts since the end of the September quarter, dwarfing the much-trumpeted 1.3 million hedge buy-back by Normandy announced yesterday.”
FOUR MILLION OUNCES!!!!!
Yet, the price of gold has barely budged. This is wonderful news for GATA as it helps to shine the light on our most significant claim that the price of gold is being manipulated. For years, the clueless gold analysts have given producer selling as the reason the price of gold was going nowhere. What do they say now? If AngloGold, of all companies, bought that much last quarter WHO DID THE SELLING? I am begging the question, of course.
One thing for sure, this means The Gold Cartel is short 4 million more ounces than GATA thought. Anglo's announcement ought to also signal a wave of additional hedge book reductions all over the world, which means The Gold Cartel is looking at financial Armageddon. Where are they going to get the gold supply to keep the price from soaring? There is no way they can cover their shorts. They are TRAPPED!
Bobby Godsell’s announcement also confirms my analysis of his change of tone over the past couple of months. It is important to keep in mind that Morgan’s chief gold honcho, Frank Arisman, is on the Anglo Board. Mysteriously, a large amount of gold derivatives disappeared from Morgan’s books in the third quarter. Now, Anglo’s revelation that it is unwinding its hedge book at a pretty fast clip. I suggest that he knows what is coming and so does Morgan. I have been saying as such for over a month now.
Yes, indeedy, The Gold Cartel is in big trouble. |
