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Extremely Significant Development in Gold

|Includes: Barrick Gold Corporation (ABX)

I haven't noticed any comment on this yet but this is extremely important.

news.moneycentral.msn.com/provider/provi...

ABX eliminating their hedges is double-positive for gold!

1) Obviously, ABX is very confident that both the long-term and short-term trend of gold prices is up.

2) Removal of ABX as an active hedger (SELLER) in the gold pit will make it significantly easier for gold prices to advance.

3) Will other major producers follow ABX's lead? Probably. And more sellers will be removed from the pit.

As Jim Sinclair says, gold is headed to $1220 and beyond, probably very soon. 

I do not own any ABX.