Subscribe via email, get all daily posts sent to you next day (and without all the annoying ads)

12/5/08

Trading Post (just don't look at the metals edition)


Holy cow, base metals got flattened today. Copper now sub $1.40, zinc back under 50c and soon the miners will be paying clients to take their lead away. It'll be "buy a tonne of Zn, get a tonne of Pb free."

Jaguar (JAG) down 9.4% at $1,92. I bought a bit yesterday. Sad to say it won't be my last ever mistake in the markets, either. Ho hum. Holding for the moment, but gold needs to perk up in the next couple of days or I puke and take the loss.

FCX down 9% and PCU down 10%. Unsurprisingly, the copper sisters are getting whacked by the heavy hit in the base metals complex. If I were brave I'd buy FCX here. I'm not brave. I'm a whuss, remember.

Dynasty (DMM.to) down 9% at $1.32. It's still up nearly 10% since I called it as a buy on Tuesday, but the $1.50+ numbers printed on the back of yesterday's good volume have melted away under the general sectorwide malaise. I bot yesterday and i'll add if it goes under $1.30.

Fortuna (FVI.v) down 11% at 53c. Uff, today's depressing. C$45m in bank and 0.42xNAV, fer cryin' out loud! Cheaper than very very cheap indeed.

Petaquilla Minerals (PTQ.to) down 15% at $0.40. Every cloud has a silver lining.

Meanwhile, in the eye of the storm the US dollar ups nearly a point to 87.43. Anyone beginning to believe me when I say that the USA will prop its currency up indefinitely and doesn't care if it drags the world down into recession with them? Yeah, from the looks of my mailbag the last couple of days, the idea is starting to get through.