Thanks for the post chuck but I wonder if u or someone with knowledge how it works would care to explain a little more on the subject ?
In my view folk always look for a reason and someone to blame in a fut's market and none more so than gold .
Commercials/miners are always sellers of gold as that is what they do , they mine gold and they sell gold .
Most miners also have to hedge due to banking covenants in place hence the reason NCM and others have been unwinding banking thingies so can run an unhedged book going forward . This should help the bottom line if the gold price was to stay high but can be a dissaster for them if gold was to capitulate over the next year or so .
But an unwinding of forward hedges by several could mean net sellers are thinner on the ground and the price of gold staying higher for longer [ as it capitulates and takes out the weekly lows last night ,lol]
cheers ge
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