the de-hedging of the hedge play..., page-27

SG

It would seem we have seen some massive short covering on the Comex last week - see http://www.gotgoldreport.com/2011/09/stunning-plunge-in-comex-commercial-silver-net-short-positions.html

Given that long positions are extremely low I'm not sure who is left to sell.

Furthermore we had a major futures expirey on the Comex 28 Sept and for as long as I can remember the gold market always is weak in the period leading into a major futures or options expiry. And it always tends to bounce following an expiry. I think the gold market may revisit $1720 this week - in any event NCM now pricing in $1100 gold or thereabouts.

Of course if the equity markets remain weak then even a bounce in the gold price to $1720 ish may not result in the NCM share price improving to any great extent.