"Selling calls, especially if one owns the underlying, as the miners do, is NOT bearish. It is, at worse, slightly bullish. If the calls sold are far out-of-the-money, the call selling may be interpreted to be quite bullish. Only deep in-the-money call selling (a defective strategy because it contains little time premium) would be considered bearish."
No, actually if the where Selling puts, that would be bullish. Selling a call means they have no faith that it will be executed. Since they are a producer they have a large supply {years worth} this means that they want to hedge for a lower price, and as such Selling a call suggest that those positions won't get executed. But to keep a good price, would it not be prudent to close up all those puts options, and than sell the calls at an overvalued price, and than buy more puts at the higher price, and let gold float down?
Best case, selling a call gives a small price profit above the market. Best case slightly bullish or a tight trading range, worse case very bearish. Cause once the price moves down, they'll sell more on the way down. read this
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