Well Jimkk i wasnt smart enough to see the extent of this commodities decline.
Ive had to average down my initial RES holding which while was quite small, i should have sold it and reentered on the way back up.
Im just trading my way out of trouble and thats one thing this market is good for, when that changes i will re invest longer term in my old fav BHP as long as they dont sack me in the mean time.
I'll be in RES until at least Production so thats probably 24 months or so. Thats a long time in this market.
My security comes from Company management, There's lots of companys out there that will fail because they lack leadership or have a poor track record which affects the company's ability to execute the business strategy. Here we have a MD that must stump up a buckload of his own cash for the company.He has connections in big business and has the skills required to bring a project to production. I've been in the mining game now for 20 years and these people are all to Rare. There's plenty of company's out there with projects and no way of getting them off the drawing board.
With the world going toward recesion (perhaps) its a good time to have 12 million and be drilling for a year.
Thers always things out of your control but if you where afraid of them You'd always have your money in the bank.
Cheers Punter
Its friday so lets relax.
RES Price at posting:
65.0¢ Sentiment: LT Buy Disclosure: Held
