report, page-2

Richrichie
Thanks in taking the effort in post the Mac report.

Although I have just skimmed though it - it's quite positive for both PNA and OZL.The copper article from Macquarie is broadly in line with many understanding of the fundamentals I would say. TB (OZL's CEO) during the webcast of their quarterly mentioned that refiners keep asking OZL for more supply as their customers are wanting more refined copper. He is seeing a tight copper market. Noticed that Mac has a ratio of 3 to 1 for PNA to OZL. (based on the 12 month target).

Guys I don't like speaking to soon but many I guess would almost vote me getting pretty close to the most opinionated person going around. I can think of one or two others that beats me hands down lol. With that in mind PNA looks like it has bottomed(Hoping). It seems to be trading with the market now (or even slightly ahead of it) as opposed to continually falling even on green days.

I believe in a US housing recovery stimulating metals demand at some point in the next 2 years. House construction is such a huge part of any economy and the US has been in the low cycle for 5 years working through excess stock.

The Chinese government seems determined to push ahead with low cost housing development over the next 3 years which should also keep demand stable.

Copper is just not easy to find, more money has gone into exploration around the globe but larger resources are just not being found as easy, grade in existing mines are falling etc. My opinion and please DYOR tread lightly but I do feel exposure to Copper is a good buy at the moment.