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10/13/08

Pity I didn't hold those PBR

Grasshopper, beware thee of false prophets offering Nirvana. All the same, the market looks very happy this morning and that's good good good to see.

Gold is basically unchanged while silver has moved up 3% in early US trading (and me with those VERY cheap SLV....yay!), but the serious rebounds are over in basemetalandia. They're all getting a much needed relief rally, with copper (up 7%) leading the charge. There's talk about the possible supply crimp from BHP's Chilean 'La Escondida' operation, but it's a bit silly to hear all this after the "nobody will want copper ever ever again amen" talk of last week.

Look to ECH as an interesting buy here, people. It will gain from copper strength, Chile stock market strength AND Chilean Peso strength...a triple whammy that will revalue this lightly traded ETF quickly.