I am not interested in conceptual debate here. I am only interested in price.
URA etf by observing the funds flow, the net seems to be flowing in from Jan 2017 rather than flowing out. From a value perspective, it makes sense to be looking to pick bottoms.
The ones that interest me hypothetically speaking is VMY, PEN and maybe PDN. Unfortunately I use the term bull trap in a generic way from the view of dilution of holdings. You are most likely aware that PEN, PDN, DYL had all utilised the fin engineering method of consolidating the shares to give the appearance of a numerical value away from the under 1C image. I have not seen many specs doing this go on to make a success of their ventures.
VMY at least is driven by historical a successful career CEO and I have spoken to him at AMEC. The state of the market is out of his hands and Twiggy probably has a LT view on some loose change. I like the geology and extraction, simple and cost effective.
Competing energy source is Solar, gas, grid battery tech (vanadium), Tesla battery tech based on Li, wind and the evil Coal! Being a very opaque pricing mechanism similar to Li, I can only get a view of the markets using URA etf and the liquidity of the spot pricing is not representative.
The risk of a continue bearish sector is more dilution as these spec concerns are just money sucking ventures playing for time having to feed a top heavy management just twiddling their thumbs and getting a great salary. Look at BMN, do you need that many directors sitting around when the DFS (many years ago) require a $40+ U pricing just to make it worthwhile. As for DYL, global resource looks exciting unless you see the deposits are scattered all over the place. Namibia is U country. Good luck.
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