Per the numbers out yesterday, there were 8.43m shares sold short as of 7/15. That is up from 4.9m shares on 6/28. That's about 3.5m shares that were sold short between $5.50-6.50!! Not much of a strategy to short after a 80% decline but there's two sides to every trade I suppose. I think those longs that can stomach the near term volatility will be well rewarded.
Seems like shorts are just a bit too greedy in this space. I see some analysts coming out now saying that the miners are overvalued. Where were they 40%, 50% or even 60% ago?? Shorting here may still be profitable but the risk appears to be to the upside at this point.
Barring a complete collapse in the gold price I still think ANV can get back to $10 by September. We shall see.