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base metals correction?
you can see it on here.
https://www.investing.com/etfs/powershares-db-base-metals-fund
there's only really tin,that barely took an hit
gold got clobbered last week....$200 dolllars down,at one point
indicators?
here's one for ya,regarding the US manufacturing sector
you dont have to be a chartist,to see the trend,its in a steep uptrend
https://www.barchart.com/stocks/quotes/ISMMFG.RT/technical-chart?plot=LINE&volume=0&data=MO&density=X&pricesOn=1&asPctChange=0&logscale=0&sym=ISMMFG.RT&grid=1&height=500&studyheight=100
there's another one,the baltic dry index....but that ones,the transportation,of world trade,by sea
but that ones,mainly iron ore and fossil fuel...related
guys
every comp ime in,has had a similar trend.
all it is,is a correction,which is normal and usual to see.
at some point,inflation,will be back in the headlines and the correction,will be ended.
and then the banks/financial and energy,will take our place and have a correction.
check out GFM(zinc.....40% drop,on a correction.
heres the problem,the dollar,since its rally,in the last week,its pushed metal prices back.
https://uk.tradingview.com/symbols/TVC-DXY/
very noticeable on that chart
it need to come back down,for metal prices to go back,to where they was.
(boring i know.lol)
I wouldn't be surprised if China is playing the market. We don't know how reserves exactly they have but it is estimated that they have 2 months supply of copper and less for zinc and aluminium.
It would be a great bluff on the Chinese part to threaten releasing reserve to push price down and actually increase reserves at a lower price.
It is a matter of national security to have these reserves. The drop in copper price does not worry me at all
I agree, having also not sold a single share but have more than tripled my holding on this recent overdone SP fall.
It was clear 2021 wasn’t going to be simple, however, what’s excellent to see is the BOD are not just patching over the cracks they’re completely re-developing the mine, which over the long term future will be game changing. As well as decisions to for example finance equipment saving C$587,000 per year going forward.
Then you have future copper demand which is set to soar amid a global push toward carbon zero. Global economy’s are barely up and running after Covid and China are already starting to release precious metals from their reserves in an attempt to put a lid on spot prices “copper is expected to dominate the surge in demand for battery metals by volume over the coming decades”. Whilst a deficit is expected over the next several years due to inadequate supply.
As we know "The Ming Mine remains a world-class resource in a first-rate jurisdiction with potential to be further expanded. This mine, together with the Little Deer and Whalesback properties provide an exciting long-life mining platform for Rambler." Not to mention some bonanza grades.. 20.0m @ 15.0% Cu / 70.0m @ 9.0% Cu etc.
The only reason you can buy at these levels is because there is a need for some short term funding and the wait has left uncertainty. If a favourable deal is struck I expect a swift reversal beyond the recent 63p high with further turnaround progress being made. But over the long term anticipating multiples of that.
Special thanks to the fearmongers, panic sellers, derampers etc. Never thought I’d have this buying opportunity again.
Totally.
Thanks for all the links you post btw Troajan, good reads.
ime a realist too and the new plant upgrade/re allocation,should be up and running,around the year end.
copper price is up around 100% in 18 months
ok,they may need a few mill more,for over expenditure.
realism