Thanks Lunch,

I've pasted charts for the data list you posted, and for SGR v XGD - Canadian gold company ETF - a nice outperformance by SGR by the way.

The chart below for your data - net position in shares and share price, seem to show reductions in position with price falls, and increases with share price - or a normal fall in price cos there are more sellers than buyers, and viceversa.

The following totals for the period seem to suggest trading losses ie selling low and buying high, with a net effective share cost of $4.39 (27% above the present price). This might be just like Ruff said, I think, that most people end up losing.

Net position 243,670 shares
net position in $ -1,070,448 $
average price $4.39 9

I checked the chart below - seems to me that SGR has reacted fairly normally per changes in the XGD etf, reacting as a whole to gold prices etc. Looking closely at the Sep-Nov period when lots of selling in sgr was going on - the XGD also drifted down - I'm not convinced from the charts that SGR reacted too much on the downside - it is on the Venture, which is volatile.

What I find really impressive is SGR's performance holding a baseline since Dec of around 3.3, holding on to a large chunk of its outperformance of the XGD over the last year.

I am interested to learn about manipulation, so wil be interested in comments - thanks.