TORONTO-based Barrick Gold, the world's largest gold producer, has subscribed to the metal's bullish outlook by scrapping its hedges and announcing plans to pay for it through a $US3 billion ($A3.5 billion) share offering. But the sluggish move by Barrick, one of the last gold producers to eliminate its hedges, has resulted in a mark to market loss of $US5.6 billion due to gold sales contracts for 9.5 million ounces. It comes as the gold price smashed through the $US1000 an ounce mark to hit as high as $US1009.70 - closing in on the $US1033.90 record it reached in March. Analysts predict gold will maintain its upward momentum and could climb as high as $US1200 an ounce as investors protect themselves against fears of inflation and a weaker US dollar. Barrick said it now held an ''increasingly positive outlook on the gold price''.