I assume shorters are trying to hold out until the quarterly hoping for a downside surprise. However Gold looking very strong and 3 weeks is a long time to wait, quarterly typically comes out on the 29th. At current price of around 2.10 we might not be too far off a point where shorters would need to start covering. My guess is 2.20 would start to be getting painful. With gold looking this strong back over 1960 at writing, could see some double digit moves over next few days, not advice. Approx 10 percent short is about 75 mil shares. That’s a lot of buying that has to happen while gold is rallying so retail would be hesitant to sell, especially when volume is typically sub 5 mil. Will be interesting to see what happens.
RRL Price at posting:
$2.11 Sentiment: Hold Disclosure: Held
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