To be clear so that you can see the difference, ref chart below of merchants (commercials) - shorts increased sharply by 32k contracts. Note that the classification of traders is very tightly defined and controlled by the CFTC. A single trader or trading entity can NOT be classified as both commercial and non-commercial AND they can not change which means the categories and therefore charts are distinctly separate..
As you state "Gold miners are always net short on Gold" which can be seen from the Merchant chart - this is pure hedging. The first chart I posted is Money Managers which is pure speculation and controlled by margins of less than 3%.
Van Eck Holdings of NST, page-15
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Last
$17.90 |
Change
0.340(1.94%) |
Mkt cap ! $18.16B | |||
| Open | High | Low | Value | Volume |
| $17.74 | $17.93 | $17.64 | $80.48M | 4.706M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 160 | $17.84 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $17.90 | 44796 | 3 |
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| Last trade - 16.10pm 22/11/2024 (20 minute delay) ? |
| NST (ASX) Chart |
