The vuvuzela of junior mining - USD long is now a very crowded trade. Wherein he theoretically top-ticks the termination of the USD upmove. Guy should be a currency trader. But that's not the thing.
The thing is, like I've been constantly mentioning, and like I've been showing in charts over and over again, the move in gold has been entirely a USD-driven move.
And thus you get big whoop-ass PM facerippers like today:
|(I know silver isn't gold. But whitey thinks it is, and whitey plays silver as if it's leveraged gold, and so it moves faster.)|
Which isn't the interesting bit. The interesting bit is going to be to watch and see whether any stupid Americans had a short-the-miners strategy as part of their long-USD strategy.
Because it's wrong-headed. You short miners when gold is going down ex-USD.
It's also wrong-headed because the junior mining world is a tiny kiddie-pool and not even remotely liquid enough to carry a large enough short-USD position.