@hajiyev_rashad Miners don’t just price gold
they price margins, costs and risk
Energy, labor and geopolitics all sit inside GDX
So a 12% move in gold doesn’t translate 1:1
Also worth noting
miners often lag early
They confirm the move
not lead it
Comex Preliminary data for Jan30 silver futures trading are out:
- Total Volumes: ~365k
- Total OI change: -8,055
- Total OI left: ~148k
Yes, ladies and gentleman, all “speculative longs” that a silver crash all the way down to 40% at the Comex wiped out was barely 8k contracts