The miners are tanking, big time! Andy Hoffman doesn’t believe that a higher gold and silver price will help them turn around anytime soon. The news is uniformly bad for the sector. A great contraction is under way. Which is ironic, considering that gold and silver appear at their near and long term bottoms, but there’s a lot more to running a successful mine than high grade ore deposits. The political risks have never been greater. At the same time it appears that the JP Morgue has virtually eliminated its short silver position and is now net long. If this is true, then this could mark a major turning point for silver. You can expect new highs and major shortages. But the operative word is IF.
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