And here’s some news that may help gold miners move one way or another …
- Commercial participants in the gold market, also known as “smart money”, are the most bullish on gold in nearly five years. READ.
- Gold ETF selling in 2013 so far is at about 450 metric tons, equal to mine output from all of Africa & South America. READ.
- Gold exploration has dropped close to 55% year over year. READ. Now THAT’S going to crimp future supply, eh?
- Giant, low-grade gold projects – huge, undeveloped ore-bodies, which contain a significant proportion of the world’s unmined gold — are falling out of favor in a hurry. READ. That’s news for companies including (ABX: 19.82 +0.87 +4.59%), (XRA: 0.729 +0.014 +1.96%), (NG: 2.39 +0.10 +4.37%) and (PVG: 8.22 +0.56 +7.31%), and not in a good way.
- Gold short positions have hit a new record. Short sellers in the futures market extended their position for the sixth consecutive week last week pushing the overall short position to a record 14.6 million oz. READ.
- Hecla’s CEO is forecasting a further decline in silver prices in the second quarter. Spot silver prices have fallen about 16 percent to $23.65 since March 28. Sorry, dudes. READ.