Note the widening of his eyes when the subject of de-hedging came up. :-)

Seriously, Peter talks about the fact that there has not been a single major gold discovery in the world for over ten years, and says that's the reason he bought Homestake, Placer Dome Group, and a host of others.

What you'll see from Peter is common sense. I told you I like the man, and respect the man, and he's the reason Barrick Gold is both well managed and has detractors at the same time. Peter is not a Bay Street guy.

But as a legacy, he's created the world's biggest gold company and positioned it perfectly to exploit the phenomenal global economic growth in the next 20 years. That's why ABX is in the Cara 100.

But ABX is a market price that is heavily dependent on trends and cycles in precious metals prices. I believe those prices will consolidate recent gains before moving to the next level, where I expect to see gold at 725 or higher, and silver at about 18.

In case you think I called it wrong, I noted that spot gold took off like a rocket right after the 8:30am U.S. Jobs Report. It jumped to 684.50. Two hours later, however, spot gold is down to 675, which is lower than prior to the report.

I'm just telling you to keep your head about you. You are trading prices, not stories.