How...?The short position is down to only 666,000...
This development is a bit disturbing.
Does anyone know how this could happen with a falling price? There had to have been almost 5M shares bought to cover since the last time I checked. How is that possible knowing the average daily volume traded for NGD is just over 500k?
I have a theory. I'd like the know-how to access records for trades. I've seen such records posted.... Can anyone help?
The silver lining is perhaps the exited shorts will now go long provided we've reached a bottom, but there may still be more forced selling.
NDG is a great gold producer and the POG is going to new highs as soon as it is clear that the US is having huge amounts of inflation resulting from all of the paper being thrown at the banking crisis. The gold mining industry will be one of the few, if not the only industry, to offer an opportunity to do business for profit as we head into an inflationary recession/depression. Gold is a currency, soon to be the only one worth holding.
Thanks,
G.