The big banks needed to unwind and get out of their naked short positions because when the price went up so much, they were possibly going to go out of business, right? Some of them may have gone bankrupt. So they used that opportunity to get rid of them. Estimates are 60% of these shorts of these naked shorts have been unwound during that couple of days at the end of January.

Now, what's not normal business operations is these big banks issuing naked shorts. So a naked short is putting a short on something that you don't own. Remember, a regular short, they own the product. They own the corn in that scenario. They're covering themselves against a downturn in price with an option, a put option. So a naked short means you're shorting something. You're expecting the price to come down and you can leverage that. You know, if the price goes down, you're making money hand over fist.

Now, what's not normal business operations is these big banks issuing naked shorts. So a naked short is putting a short on something that you don't own. Remember, a regular short, they own the product. They own the corn in that scenario. They're covering themselves against a downturn in price with an option, a put option. So a naked short means you're shorting something. You're expecting the price to come down and you can leverage that. You know, if the price goes down, you're making money hand over fist.

So what are hedge funds? What are big banks doing? They're unloading COMEX to ship it to China. Because if you can buy in America at $95 an ounce, sell it in China the same day for $103, that's instantly.