Sorry, Deadarm, I should have mentioned I was talking about bulks, not base metals and agree, definitely had the biggest impact on precious metals, no doubt. But I've also noticed with bulks - particularly China with iron ore and India with coal (I held Linc when Adani came in) treat these as strategic resources - it appears that stockpiling and controlling the whole supply chain or locking in future sales with juniors to allow resource development - this must eventually lead to a total supply surge and negative impact on price - Check out Shanghai rebar price drops recently and softening internal demand for steel in China. Ultimately, the long game is for China to be able to control price - the recent 16% fall in iron ore price may be just the start. They are even starting to refuse to allow Vale's ships to dock - insisting that Vale use Chinese ships to ship their ore. USA and Europe are also dropping off the demand side. It's not so much the base metals I'm that worried about - they are some way from production and aren't so strategic - but VMS looking at it's DSO resource to provide cashflow for future developments, how does a significant drop in iron ore (hasn't happened yet, but the ducks are starting to line up) play out? Long term believer in VMS too - like I said earlier, I'm not going to be caught out not holding at least some - but there are going to be many trading opportunities for a while yet I feel.
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