Am not bagging base metals. I wrote elsewhere i am divesting from all base metal stks bar one. I beleive a substantial fall in base metals has started and we will see a re-trace right back to price trend from 3 years ago. Eg. i reckon Cu will be 3.20/lb by October, 3.00lb by january and $2.60lb by about April next year. that is a drop of 35% from price in May. Just cannot see how world demand will support Cu at $3.70-$.oo/lb.
Of course the great unknown is the US$. Anything is possible with a fiat currency.
However, i remain bullish re oil.
watch rio tank on tuesday, page-10
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