Mish's Global Economic Trend Analysis Message Board

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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: Casaubon who wrote (43934)	1/5/2006 9:01:02 PM
From: regli	Read Replies (2) of 116555

>ABX is selling gold out of the ground at a set price agreed upon by both parties. They sell above cost and turn a profit, regardless of POG fluctuations. < Clearly not the case here. ABX sold short paper gold (future production) at $300 and hasn't supplied it yet. "- As of September 30, 2005, Barrick had pre-sold 13.6 million ounces of gold at prices well below the current price of gold - Barrick’s gold sales contracts are at an average price of approximately $300 per ounce, but gold is currently trading over $490 per ounce"

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