It's pretty simple. Goldies that looked marginal at $2000 were good short targets IF gold broke down, which back in 2023 looked likely on the chart, after a triple top. Few people anticipated massive central bank accumulation of gold reserves in 2024. Gold price up to November 2023
Brokers probably thought a retreat to $1500-$1650 likely, rather than all time highs just around the corner, sending the marginal producers into multiples of previous earnings.
So we see shorts increase from Sep 23 and into 2024:
GMD will be next with its 83M shares short since $1.50, now $3
RMS Price at posting:
$2.12 Sentiment: Buy Disclosure: Held
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