Themes

ASX Gold Stocks

The ASX gold producers, ranked by how much of each register is sold short.

14 constituents · short positions as of · ASIC data, T+4 delay

Median short

1.27%

across 14 constituents

Most shorted

GMD

9.72% of issued capital

Biggest 4-week riser

GMD

+0.93pp in 4 weeks

Above 5% short

1

of 14 constituents

Theme short interest over time

Weekly average · shaded band is the constituent range

Constituents

ASX Gold Stocks
CodeShort %Δ 4wΔ 1mDays to cover
GMD9.72%+0.9pp+39.1%15.3
EVN4.34%+0.7pp+38.4%12.3
NEM2.51%+0.5pp+35.1%5.2
RRL2.43%+0.2pp
GGP1.97%+0.7pp+29.2%8.2
BGL1.59%-0.1pp+30.4%3.7
NST1.53%+0.7pp+21.8%4.0
WGX1.01%-0.4pp+29.7%3.0
RMS0.80%-0.1pp
WAF0.76%-0.2pp+29.0%2.0
CMM0.60%-0.5pp+45.9%1.3
RSG0.57%-0.6pp
PRU0.25%-0.3pp
VAU0.20%-0.6pp+34.0%0.3

Membership is curated and verified against company metadata — a wrong member is worse than a missing one. Refine further in the screener.

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About this theme

Gold miners are rarely a directional short on the metal; they are a short on the gap between the gold price and what a specific mine can deliver. Australian producers sell into a strong Australian dollar gold price but run into grade reconciliation problems, labour and diesel inflation, hedge books entered at lower prices, and acquisitions that take longer to integrate than the guidance implied. That is why short interest here clusters around individual operational stories rather than across the sector. The other structural source of shorting is merger activity: the sector consolidates constantly, and a scrip-funded takeover invites arbitrage that appears in ASIC data as short interest in the acquirer. Reading this table alongside the four-week change column separates the two — an operational short builds slowly, a merger-arbitrage short appears in a single reporting week.

Short positions come from official ASIC short position reports (published with a T+4 trading-day delay) joined with daily price and volume data. The chart averages the constituents reporting in each week and shades the range between the least and most shorted of them; a member with no data that week is absent from the average rather than counted as zero.

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