If the miners are buying back hedges here, it is because they all AGREED on where they want to sell output. It isn't here. Everything is always rigged. Gold is no different than the diamond price setting cartel.

Even if you don't believe in conspircacy theories, the miners are taking supply off the market themselves. If the miners are taking supply off the market here, obviously they are not selling.

The charts say 1300 is the most probable short term destination for gold.