I think it’s a little different to that but let’s say that’s the case.
Would you short a gold miner in this economic climate, especially one with the lowest valuation in the peer group and the one with the most upside and the only at the very bottom of its price cycle?
You’d only do that if you believe it’s going to zero. And if these guys believe it’s going to zero, the SH that they borrowed from wouldn’t be lending, they’d be flat out selling.
There’s more to this story.
$3.90 valuation by GS updated, page-105
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