Hotcopinv, Yeah sentiment is that market has bottomed out.. That only means one thing only can rise from here, saying in hope... The market bottom indications are good, greed is comming back into the market. I actually hold a fair bit of KAR, done well in past month like you said, and they dont even have any proven reserves yet.
I have read news on how China's demand for Iron ore will slide to about 350Mt this year then pick up from late 2010 onwards. This is not that much of bad news to AGO but to BHP and RIO imo...
If its true and China's Iron ore demand is reducing on an accelerated rate then we may be looking at 40-50% contract cuts...
I am long on AGO, so short term does not worry me... If the price goes down it will be an opportunity to pick some on the cheap...
AGO Price at posting:
$1.35 Sentiment: Buy Disclosure: Held
