Shorts down 5 millionSignificant drop. Can't tell who they were but most likely the group that piled on in early June.
It will take a while to get rid of those that shorted at $14.00. Quite possible that the majority of the early shorts were defensive positions for some longs.
Yesterday's report highlights two things. They sold more than they produced therefore the cost per sold ounce for the quarter should be less than last quarter.. Averaging $1519 per oz for the quarter will increase the margin for sure but the costs for almost 4000 oz would have been in last quarter's operating costs.
I think you will see the most profitable quarter ever plus the highest cash flow ever on Aug 15th. Expect some significant covering before that.
Wes