RE: Blanchard V Barrick moves to Discovery!I found this bit of news today.
As a consequence of this ruling, this case is now ready to move into the discovery phase. Trial has been set for April 10th, 2004. But here's the important part of this case that in my view is not yet widely understood.
Blanchard has requested an injunction against the defendants. This means that if Blanchard wins the case, the defendants will be forced to cover their short position. I don't know Morgan's position - whether long or short - in gold because it is not disclosed in its financial statements. But according to Barrick's latest financial report, it is short 16 million ounces. If Blanchard prevails - and there is still a long road ahead - it will be interesting to see how the gold market would respond to the buying triggered by the injunction.