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Gold/Mining/Energy : Precious and Base Metal Investing
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To: Little Joe who wrote (15132)7/31/2003 2:28:06 AM
From: LLCF  Read Replies (1) of 39344
 
<The fact is that if you look at the chart they have been moving against the trend from the bottom. They are just wrong. >

To be fair lot's of I-banks buy options from the producers [damn cheap I'm sure] and short against them, playing "volatility spreads". That means they would short more as POG rallies and the call options they own get "more delta's". Although it doesn't mean they're losing money [and I'm not saying none of them are, or that all those shorts are hedged], although your main point also stands... it doesn't mean their short positions mean they have an opinion and/or are right.

<. I suggest that these positions are hedged against some other positions and we don't know what they are. >

Exactly.

DAK
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