About the G Short Position; Possible TakeoverThe last report came out about last Wednesday, just before the smack down of gold on options expiry last Friday. The short position had increased by about 2 million shares to approximately 25 million. Then add the New York short interet of 9 million; that is 34 million shares or about 10 per cent of the company. My guess is that the short position went higher on Thursday and again Friday morning and then a lot of covering.
I think the institutions just stood aside or sold; walked right away from any bids most of the time.
Now the interesting thing is that a lot of the shorts are likely connected with the warrants, all of which are getting called in early around June 9. So, if some big holders had shorted the shares and kept their warrants so as to have the untaxed free use of their capital when they sold say major interests in mines to Wheaton; then those guys have to cover shortly if they have not already as does anyone else playing a long warrant/short share play.
How a 10% of total market cap short position can last after June 9 is beyond me unless someone really is fond of losing money.
Newmont would love to own this company imo; what with their declining production and mega bad ink political problems in foreign countries.
Let`s see; 27 times earnings of a higher quality in a safer geopolitical environment vs. 53 times earnings doing business in risky places. Would a fair price be $60 a share?