Long-term readers of Think B.I.G. might remember this post we did back in March 2008:
As shown in the chart below, Barrick's CEO top-ticked the gold market at $1,000/ounce with his "there's lots of room to go in the gold price" in early March 2008. Unfortunately for gold bulls, Barrick made another huge bullish bet on gold yesterday when the company announced that it was eliminating all of its hedges on the metal. This came just as the price ticked above $1,000/ounce for the first time since February. Will Barrick get it right this time, or is this an ominous sign for investors who are long gold?
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