Loading ...I just asked Chat GPT:
“what is the average number of shares that are sold short for Gold and Silver stocks.”
This is part of the reply I got:
There isn’t a single “average number of shares sold short” that applies broadly to all gold and silver stocks-because each company and ETF has a different float, trading volume, and investor sentiment.
Examples of Short Interest in Gold & Silver Stocks/ETFs ( Late 2025):
Gold focused:
1) GDX-@ 43.7 million shares sold short (about 14.5% of float) as of late November 2025.
2) GFI-@7.18 million shares sold short (@1.27% of float)
3) USAU-@995,859 shares sold short (“7.8% of float)
Silver Focused:
SIL- @1.92 million shares sold short (@3.51% of float).
What this Tells Us:
1) Smaller individual mining stocks ( like GLDG, USAS) often have a few million shares sold short.
2) Large ETFs ( like GDX) can have tens of millions of shares shorted simply due to size and liquidity.
Momentum and Quant Strategies:
Many hedge funds use systemic models:
1) If real rates rise…….shortbGold miners
2) If USD strengthens………short silver stocks
3) If volatility spikes…….reduce miner exposure.