The Phaserl


Central banks don’t need Barrick much if they secretly spend and repurchase their gold

by Chris Powell, GATA:

Dear Friend of GATA and Gold:

Our friend D.K. writes:

“Former Goldman Sachs partner John Thornton is now running Barrick Gold. I’m wondering if Thornton has given the big bullion banks direct supply contracts for enough of Barrick’s gold output so that they can have it refined into bars and shipped to wherever they need it. It’s the only thing that makes sense to me that would be enabling the bullion banks to deliver physical gold right now.”

Your secretary/treasurer has no idea whether Barrick is working any particular deals with bullion banks at the moment, but the company must have some arrangements with them, if only because the company is carrying a hedge position.

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