Over 1,000,000 shares trade after hours at $1.70. Might be shorts closing out their position .From Jim Sinclair's site.
Today King World News is reporting on incredibly important developments taking place in the gold and silver markets. Acclaimed commodity trader Dan Norcini told KWN that in the metals markets, “I don’t recall seeing anything like this since this bull market began 12 years ago.”
Norcini has been stunningly accurate in his predictions of the movement of the gold and silver markets. Now the acclaimed trader discusses these incredibly important developments in both of these markets: “Hedge funds have their smallest net long position since July of 2007. But what it extremely interesting here is that hedge funds now have their largest overall outright short position in history.”
Dan Norcini continues:
“If you go back to September of 2011, open interest in gold hit an all-time record high (futures plus options) of 1,007,000 contracts. But amazingly the hedge funds were only short 4,980 contracts at that time….
“Today the hedge funds are short a staggering 68,700 contracts. What makes this number even more amazing is that it represents an astounding 10+% of the entire open interest in the gold market of 667,000 contracts. So this is by far the hedge funds’ largest short position in percentage terms in history.
The bottom line is I don’t recall seeing anything like this since this bull market began 12 years ago. The hedge funds are now essentially battling against Middle-East and Far-East central banks and commercial banks. The problem is these central banks are behemoths compared to the hedge funds.
Up a big nickel with over 8,000,000 shares traded. Hmmm...
It looks like our beloved market maker did his job well today, letting his short buddies off the hook while throttling the share price.
In a real, open and fair market, we would have been up 25 cents today, but of course that can''t be allowed just yet.
Not until his long buddies are all on board.