GDay, Pinto.
Great post and i agree with everything you say, except the Ni.
I'm in the camp that thinks gold will fly but what if it doesn't? Ni is a nice hedge. Despite the rhetoric I think China is full steam ahead - at least for a few years - and ni will benefit. i agree some volatility in Ni at moment - and jury still out on recent spike - but there is abt $250M of Ni at Nepean - plus upside exploration potential and much of the work is done to start taking out the ore. And the $250M doesn't allow for the 40% increase in Ni spot over last few months. Plus LME stockpiles continue to fall.
Majors starting to think about re-opening mines now so IMO FML won't be far behind.
http://in.reuters.com/article/oilRpt/idINSGE63D05U20100414
Gold is definately the main game now but Ni will come into its own soon IMO.
And yes, no cash on the books while the SP is where it is.
nice +10% rise in Germany last night, too. I'm sure the Deutschlanders loved the reserve upgrade, no matter how minor.
Cheers,
C12
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