RN, good find. After reading it I couldn't help but notice that 403 ton number for the IMF gold. I think it was Blizzard that wondered who got the remaining gold after India took 200 tons. Barricks hedge rebuy was 6.5 million ounces and curiously enough that is 203 tons. I can't wait to hear who got that gold. Just thinking out loud again. I know repeating posts is a violation of the six rules, but here it is again.

If, for any above reasons Barrick cannot service its delivery obligation to JPM, then JPM would be facing an insurmountable obligation to re-deliver the physical gold to the lender/lessor of last resort. An explosive short squeeze would probably tear apart the fabric of today's monetary system, as would have been experienced by the LTCM fiasco in 1999. It was only averted by the N.Y. FED blackmailing involved counterparties into a costly bailout of the renegade hedge fund. In the final review, one can only speculate that JPM may be held incommunicado by the PTB … and Barrick, too?

Barrick will spend US$1.9-billion of the proceeds to eliminate all three million of its fixed-price gold hedges. An additional US$1-billion will be used to eliminate a big chunk of its 6.5 million floating spot price contracts. The company will take a US$5.6-billion charge to earnings in the third quarter as it unwinds the contracts.