pennymarker, I don't think this is a VGZ bailing out event as much as I see it as an assault on the precious metals and mining sector as a whole. It looks to be widespread. I'll be curious to see what the VGZ shorting totals are after this week of trading and won't be surprised if the numbers appreciably increased.
I believe the paper market is doing this to allow GS, JPM and various governments an opportunity to replenish their vaults of PMs that they sold off over the years. The Chinese should be putting a floor on the price around this level imo. And, once this PM market turns around I think it may be explosive to the upside.
Just have to wait it out.
Good day to you.
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