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Message: Re: Barrick Story...Question

Sep 09, 2009 11:00AM

Sep 09, 2009 11:53PM

Sep 10, 2009 12:27AM
1
Sep 10, 2009 07:25AM

Sep 10, 2009 08:02PM

Sep 10, 2009 08:24PM

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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