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Message: Barrick Story

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Buckshot26

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Re: Barrick Story...Question

in response to Re: Barrick Story...Question by hawnkoa

posted on Sep 10, 09 10:16PM

a tonne as in "tonne" has 2200 pounds ...a pound has 16 ounces so 1 tonne = 35,200 ounces I believe.

so I would say 75 tonnes 2,640,000 ounces

your math is close to mine fwiw.

the thing is they will just be buying back the contracts meaning no gold changes hands... but anyway you cut it that's a lot of buying of futures that's going to hit the market and if the original buyer(s) of the futures sold by Barrick actually want delivery buying back that number of contracts gets even more tricky.

it isn't overly liquid...apart from the front month (december 09) the open interests really aren't that significant...

http://futures.tradingcharts.com/marketquotes/index.php3?market=GC

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