Very light volumes and a bit of 'profit taking' although I would tend to say this is painting the short positions up for the year end close.
I include a chart below that shows the 20 biggest stock short positions on the Toronto Stock Exchange. You can see how the miners fit into this picture.
There was no meaningful inventory movement in the Comex warehouses on Friday last.
January is a non-active month, whereas February may once again stress the ability of the Comex to maintain its vestiges of actual precious metals delivery.
This 'feels' like a bottom action here. But in times of 'currency wars' I will tend to wait for confirmation before getting too excited about anything.
But with the fiat meisters of the status quo DeLong and Krugman chirping so loudly, it may not be as good as a fat lady singing, but it might be close.
Have a pleasant evening.
