Jim Sinclair does see some real gold changing hands (see below). Once again, the role of Japan in the rigging of the gold market should not be underestimated.
"Dear CIGAs,
Here is a thought to consider:
Sumotomo yesterday proudly announced it is hedging its gold production here and now.
Barrick yesterday proudly announced it is covering all its hedges here and now.
It sounds like a buyer and seller found each other for some part of the Barrick short of gold position."