Updated Short Report

Hi Guys,

Updated cumulative and comparative graph below. Current to 19th November 2014 (from ASIC database).

Sydneyguy has provided a link to daily data which is helpful [http://www.shortman.com.au/]

My basic interpretation - no love here at all despite the bounce off USD $1,140 on the 6th November when I provided the last Short Report. So, despite a rise in USD POG of c. $60 since then and a rise in AUD POG to +$1,400 short positions have increased materially. Perhaps they are thinking that this is a dead cat bounce in POG.

Another theory could be that it relates to a falling AUD (due in part to iron ore collapsing) and that the shorts are US based - thus will be able to buy the shares back for less USD in the future due to lower AUD, all else being equal.

Note the huge uplift in MML. On a relative basis they are getting hammered at present. Do note that this graph is current to 19th November and MML had their AGM on the 20th November where, as I understand it the information was largely positive. Euroz has also come out recently with a buy recommendation for MML after a site visit.

No trend reversal yet and if you're buying your still pissing into a hurricane force wind. One stock I am following closely, BDR, has had c. 47m shares added to the sell/ supply side of transactions since 1st August 2014 via short sales - a massive shift in buy / sell equilibrium in such a short time - no wonder share prices are under pressure.

Hope you find this helpful.

Cheers
John