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Base metals soared today as car sales in China are increasing at a rapid pace. Taseko, New Gold and General Moly are companies with huge deposits that have not been developed. TGB and NGD are producing now so they will have cash flow.
Inflation is kicking in and the long term prospects of these companies are excellent. I would buy GMO on any further weakness. Molybdenum is used in making steel stronger and withstand greater heat and pressure.
UXG about to breakout of symmetrical triangle near 52 week high. Notice how the volume is confirming price. Again its giving us another opportunity to get into this position with an incredible land position in Nevada and great opportunity in Mexico. This company has the top management in the business where the owner puts his money where his mouth is. Rob Mcewen owns a good percentage of this company.
UXG
Please look at ZEUS. It gapped up today on extremely heavy volume. In addition, it appears that there has been accumulation in the last 2 weeks. Any comments?
It seems as though they were upgraded today. I like steel but I like molybdenum more as demand is far exceeding supply. I would also be very careful with American steel companies especially with the cap and trade “carbon reduction” legislation. Thanks for mentioning Zeus as it did have a powerful day today.