Gold Short Report, page-21

"Do they carry these positions into end of quarter when markets get very thin around Christmas / New Year?"

Good point for any US funds holding BDR .
Many US funds end of financial year is end of December those funds to reduce tax will close out positions in loss making shares , once closed out that could cause less sell down pressure on BDR from USA funds in the new year which would not be good for a shorter I feel.