Hedge funds’ bullish bets on gold jump to four-year high
Hedge funds and other large speculators boosted their net-long position in gold.
The Globe and Mail looks at the mystery of a plane chartered by Barrick Gold that crashed into the Iskut River in 1996. The pilot perished and 16,600 pounds of gold condensate was lost.
Condensate is not gold bars but still valuable. Barrick Gold refuses to speculate on the approximate value of the plane’s cargo.
In 1996 recovering the plane, let alone finding it, was not possible because of the fast flowing river. But shifting water flows in the Iskut River recently uncovered the plane and recovery started in the fall of 2011.
However, the cargo was gone:
“Upon examination, it became apparent that the roof of the aircraft had been cut off using professional tools and that there was no remaining cargo in the hold. There was evidence that the aircraft had been tied to a tree following the crash,” spokesman Andy Lloyd said this week in an e-mailed statement.
Image of a Dutch Dakota Ass’n Douglas DC-4 Cockpit
