Shorts Building Positions in Precious Metal Mining Stocks
Author:
Ihor Dusaniwsky
Managing Director of Predictive Analytics
Gold has seen a four-month rally with its price soaring from $2,600 to over $3,400 recently and gold and precious metal mining stocks have rallied alongside the precious metal with the VanEck Gold Miners ETF (GDX US) up over 46% for the year. But along with the rise in the price of gold, short sellers have been increasing their exposure in the sector looking for a reversal.
Gold, Silver & Precious Metal Short Interest
Ticker
SI % Float
Short Interest
NEWMONT CORP
NEM US
1.90%
$1,139,866,540
ZIJIN MINING GRP H
2899 HK
8.04%
$1,052,787,606
AGNICO EAGLE MINES
AEM US
1.39%
$830,697,840
FRANCONEVADA CORP
FNV US
1.50%
$488,473,853
NORTHERN STAR RESOURCES LTD
NST AU
2.69%
$409,350,637
AGNICO EAGLE MINES
AEM CN
0.59%
$355,682,218
ANGLO PLATINUM LTD
AMS SJ
11.46%
$345,661,189
RED LAKE GOLD INC
RGLD US
2.89%
$341,921,393
WHEATON PRECIOUS METALS
WPM US
0.91%
$334,968,125
ZHAOJIN MINING INDUSTRY CO LTD
1818 HK
8.30%
$309,700,291
BARRICK GOLD CORP
GOLD US
0.95%
$308,665,798
SHANDONG GOLD MINING CO LTD H
1787 HK
12.25%
$275,643,806
BARRICK GOLD CORP
ABX CN
0.71%
$230,815,472
PAN AMERICAN SILVER
PAAS US
2.46%
$228,823,258
ANGLOGOLD ASHANTI PLC
AU US
1.02%
$206,965,705
GOLD FIELDS LTD
GFI SJ
1.04%
$206,385,808
KINROSS GOLD
KGC US
1.15%
$200,946,494
GENESIS MINERALS LTD
GMD AU
7.78%
$192,510,298
KINROSS GOLD
K CN
1.05%
$184,470,835
B2GOLD CORP
BTG US
4.60%
$182,430,276
Total Sector
3.41%
$13,536,404,900
We have seen increased short selling in this sector every month this year, with over $900 million of increased short selling in both March and April.
(in $millions)
Short Interest
Change Short Int
Change Shs Shorted
Change MTM
January
$8,985
$1,238
$236
$1,002
February
$9,446
$461
$536
($75)
March
$11,931
$2,485
$929
$1,556
April
$13,536
$1,605
$906
$699
78% of all dollars shorted in the sector saw increased short selling with $1.05 billion of short selling over the last thirty days. The largest amount of short selling over the last thirty days was in:
Gold, Silver & Precious Metal Short Interest
Ticker
Short Interest
30D Ch Shs Shorted
ZIJIN MINING GRP H
2899 HK
$1,052,787,606
$159,512,578
GOLD FIELDS LTD
GFI SJ
$206,385,808
$137,150,154
NORTHERN STAR RESOURCES LTD
NST AU
$409,350,637
$121,241,708
AGNICO EAGLE MINES
AEM CN
$355,682,218
$93,536,205
EVOLUTION MINING
EVN AU
$125,810,603
$86,297,956
NORTHAM PLATINUM HOLDINGS LTD
NPH SJ
$119,887,923
$63,310,359
G MINING VENTURE CORP
GMINF US
$92,980,360
$47,568,417
RED LAKE GOLD INC
RGLD US
$341,921,393
$44,455,680
BARRICK GOLD CORP
ABX CN
$230,815,472
$41,439,976
HARMONY GOLD MINING
HAR SJ
$41,955,441
$29,775,708
The largest amount of short covering over the last thirty days was in:
Gold, Silver & Precious Metal Short Interest
Ticker
Short Interest
30D Ch Shs Shorted
SIBANYE STILLWATER LTD
SSW SJ
$53,311,780
($124,134,318)
ENDEAVOUR MINING PLC
EDV LN
$150,237,713
($53,031,125)
GOLD FIELDS LTD ADR
GFI US
$127,998,651
($33,890,877)
CHINA GOLD INTL RESOURCES CORP
2099 HK
$41,774,020
($24,604,913)
REGIS RESOURCES
RRL AU
$33,865,603
($15,843,406)
EQUINOX GOLD CORP
EQX CN
$90,256,212
($14,475,246)
WESTGOLD RESOURCES LTD
WGX AU
$30,043,324
($14,159,754)
GENESIS MINERALS LTD
GMD AU
$192,510,298
($11,374,900)
OCEANAGOLD CORP
OGC CN
$13,112,089
($9,949,460)
HOCHSCHILD MINING PL
HOC LN
$23,806,710
($9,877,763)
Total Sector
$13,536,404,900
$1,049,154,099
Short sellers are increasing their exposure to the sector even though it has been an unprofitable trade. Shorts are down -$3.34 billion in year-to-date mark-to-market losses, -31.91%. The most profitable and least profitable trades in 2025 are:
Most Profitable Trades - 2025
Ticker
Short Interest
YTD MTM P\L
P\L %
COEUR MINING INC
CDE US
$206,640,411
$10,236,580
4.95%
AYA GOLD SILVER INC
AYASF US
$66,732,972
$6,267,170
9.39%
ENDEAVOUR SILVER CORP
EXK US
$53,568,972
$4,677,195
8.73%
BELLEVUE GOLD LTD
BGL AU
$54,775,617
$4,326,848
7.90%
IPERIONX LTD
IPX AU
$14,295,016
$3,861,203
27.01%
NEW FOUND GOLD CORP
NFGC US
$7,510,137
$2,986,276
39.76%
NEW FOUND GOLD CORP
NFG CN
$3,921,994
$2,854,018
72.77%
AYA GOLD SILVER INC
AYA CN
$28,180,602
$2,414,724
8.57%
AURIC MINERALS CORP
AUMC CN
$298,109
$2,133,160
715.56%
ATLAS LITHIUM INC
ATLX US
$3,485,569
$1,266,762
36.34%
Least Profitable Trades - 2025
Ticker
Short Interest
YTD MTM P\L
P\L %
NEWMONT CORP
NEM US
$915,899,992
($319,570,924)
-34.89%
AGNICO EAGLE MINES
AEM US
$589,297,676
($235,268,539)
-39.92%
ZIJIN MINING GRP H
2899 HK
$751,912,840
($124,901,087)
-16.61%
FRANCONEVADA CORP
FNV US
$333,035,509
($120,582,803)
-36.21%
SHANDONG GOLD MINING CO LTD H
1787 HK
$178,684,683
($113,160,783)
-63.33%
ZHAOJIN MINING INDUSTRY CO LTD
1818 HK
$206,314,021
($101,557,057)
-49.22%
WHEATON PRECIOUS METALS
WPM US
$260,829,982
($95,404,729)
-36.58%
NORTHERN STAR RESOURCES LTD
NST AU
$236,278,479
($89,895,879)
-38.05%
ANGLOGOLD ASHANTI PLC
AU US
$158,339,083
($84,402,313)
-53.30%
GOLD FIELDS LTD ADR
GFI US
$157,928,813
($82,731,635)
-52.39%
Total Sector
$10,470,919,394
($3,341,777,604)
-31.91%
Shorts are down -$757 million in April month-to-date mark-to-market losses, -5.87%. The most profitable and least profitable trades in April are:
Most Profitable Trades - April
Ticker
Short Interest
MTD MTM P\L
P\L %
ANGLO PLATINUM LTD
AMS SJ
$356,480,535
$58,255,104
16.34%
ZIJIN MINING GRP H
2899 HK
$949,918,126
$25,263,246
2.66%
FIRST MAJESTIC SILVER CORP
AG US
$146,325,902
$10,813,960
7.39%
ENDEAVOUR SILVER CORP
EXK US
$61,326,870
$10,085,334
16.45%
BELLEVUE GOLD LTD
BGL AU
$37,118,929
$9,063,729
24.42%
AYA GOLD SILVER INC
AYASF US
$74,649,645
$5,722,882
7.67%
CHINA GOLD INTL RESOURCES CORP
2099 HK
$54,377,120
$5,659,982
10.41%
SIBANYE STILLWATER LTD
SSW SJ
$75,892,175
$5,378,498
7.09%
BARRICK GOLD CORP
GOLD US
$327,989,858
$5,267,128
1.61%
CIA DE MINAS BUENAVENTURA ADR
BVN US
$61,909,424
$5,134,855
8.29%
Least Profitable Trades - April
Ticker
Short Interest
MTD MTM P\L
P\L %
NEWMONT CORP
NEM US
$1,113,682,711
($106,082,477)
-9.53%
AGNICO EAGLE MINES
AEM US
$800,022,316
($72,085,937)
-9.01%
NORTHERN STAR RESOURCES LTD
NST AU
$370,071,364
($57,522,418)
-15.54%
SHANDONG GOLD MINING CO LTD H
1787 HK
$245,024,674
($51,890,539)
-21.18%
ZHAOJIN MINING INDUSTRY CO LTD
1818 HK
$250,564,505
($42,738,621)
-17.06%
FRANCONEVADA CORP
FNV US
$449,866,946
($35,054,876)
-7.79%
RED LAKE GOLD INC
RGLD US
$313,064,684
($31,018,946)
-9.91%
AGNICO EAGLE MINES
AEM CN
$304,167,413
($29,512,772)
-9.70%
LUNDIN GOLD INC
LUGDF US
$95,604,834
($26,457,309)
-27.67%
KINROSS GOLD
KGC US
$184,524,927
($24,247,901)
-13.14%
Total Sector
$12,892,940,669
($757,087,200)
-5.87%
Gold and other precious metal mining stocks have been a safe-haven during the U.S. market decline over the last two months, but recent short activity may be signaling a potential reversal in gold and gold stocks. Short sellers have added $2.6 billion in new short exposure since the beginning of the year, with most of that short selling occurring over the last two months.
In March and April we’ve see $1.87 billion of increased short selling in the sector. The most shorted stocks were Zijin Mining Group (2899 HK), Agnico Eagle Mines (AEM CN), Gold Fields Ltd (GFI SJ), Northern Star Resources (NST AU), Franco-Nevada Corp (FNV US), Kinross Gold Corp (K CN) and Newmont Corp (NEM US). The only stock with over $100 million of short covering was Sibanye Stillwater Ltd (SSW SJ).
If Gold reverses from its recent high look for more short selling in these stocks and the GDX ETF to give back a portion of their outsized 2025 gains.
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The information herein (some of which has been obtained from third party sources without verification) is believed by S3 Partners, LLC (“S3 Partners”) to be reliable and accurate. Neither S3 Partners nor any of its affiliates makes any representation as to the accuracy or completeness of the information herein or accepts liability arising from its use. Prior to making any decisions based on the information herein, you should determine, without reliance upon S3 Partners, the economic risks, and merits, as well as the legal, tax, accounting, and investment consequences, of such decisions.
