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September 8, 2009 Dear Friend,
Metals
prices swung wildly last week with lead up 10% to $1.053 as more Chinese
smelters idled with child blood level measurements, silver rose 10%
trebling gold’s percentage rise, nickel fell 9.6% as Vale Inco stated it
will train replacement workers and moly fell to $15.50-$16.00 per pound
from $18.75 three weeks earlier.
The gold
trade is basically the same as shorting brokerages or bank shares as
hedge funds swing between long the GLD ETF versus the stock market. On
September 3rd GLD ETF purchases were $469 mm. We believe base metals
prices and shares are better long-term values.
Faithfully,
John C. Tumazos
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Copyright © 2008 John Tumazos Very Independent Research,
LLC
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