might be of interest to pna followers, page-4

Careful!
I won't downramp as I am a holder and believe in the potential of this stock over 3-12 months, HOWEVER, a stockpile is a SURPLUS.
I was around and invested in zinc when it went nuts and everyone talked about the shrinking "stockpile" over time.
When those big instos that bought zinc forward and punted it to unprecedented heights decided to withdraw the "surplus" factor came into play BIG TIME.

A surplus is a surplus.

I believe in the copper story at present, I believe in PNA but I cannot bring myself to believe in a reducing stockpile that shows a surplus as being a quality indicator.