Wondering if it's the "nickel effect" that was just witnessed....

Wondering if it's the "nickel effect" that was just witnessed. Something that I hadn't considered until now (and probably many others I would suspect) is that once the price starts moving exponentially the producers are the ones most exposed to short positions as they have hedged production forward. Maybe people just getting a little worried about producers exposure in such a volatile environment. I just had a look at our current hedging position, thankfully less than I thought (around 20% of production over next three years), so hopefully manageable in this environment. Seems funny that something we were all hoping for (a much higher gold price) if realised too quickly can have a downside as well.