Super-Bullish Signal: Barrick Gold to Sell $3 Billion in Stock to Buy Back Hedges
September 9th, 2009
Barrick Gold and their bullion bank partner J.P. Morgan were the target of lawsuits by the gold bulls, most recently Blanchard and Company, for price manipulation through the use of forward sales in their hedge book. The contention was that the selling was being used to manipulate the price of gold.
Barrick’s initial defense was that since they were acting in conjunction with the central banks to cap the price of gold through their representative J. P. Morgan, they were therefore immune from prosecution since the central banks are immune from prosecution.
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- Sinai Says Fed’s Sept. 21 Statement Means `Gotta Buy Gold’
- Brown’s Bottom Is an Enormous Issue In the UK: Was This a Bailout of the Multinational Bullion Banks Involving the NY Fed?
- Gold Spikes As World Gold Council Says Gold Demand Surges 36% In Q2, Sees Ongoing Demand Out Of China And Europe
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