UpdateWe are now less than a week away from the name change vote... Castle Silver Resouces or Canada Cobalt Works? Which sounds better? This name change will also periodically kick of a Promotional Campaign that is highly anticipated and bound to turns some eyes and ears this way.
Also has anyone looked at the price of Cobalt recently? Standing at whopping $36.97 US a pound, around 2 months ago it was approx $30/lb. Cobalt supplies are being squeezed due to increasing demand and turmoil in the DRC. They are bound to go high in the coming months and I wouldn't be surprised to see $40/lb near term.
This bolds very well for a company such as CSR that is positioning itself to become a producer of cobalt in the future when cobalt may very well be $50+ a pound. CSR recently went to Asia to discuss supplying end users. Perhaps a large battery manufacturer? Or a automotive company?...That is looking to develop a new line of electric vehicles and needs to secure a safe supply of cobalt.
On to CSR's recent market activity. Major US markets are still in correction mode. It may not be over until early next week, and is pulling many exchanges globally along with it. Freightened investors scared of a large market crash (which is highly unlikely to happen right now) are selling stocks lowering the price, but could be an advantage to us. Today or next week would be the most ideal time to load up, on a dip, and right before CSR goes into PROMO MODE. Heavy support exists above 30 cents so there is very limited downside, while upside is MASSIVE. CSR is still in a uptrend and has reset all indicators to low levels meaning anytime now... perhaps late next week or the week after CSR is poised to climb back to recent highs and would defenitely have the strength to trend even higher into new territory within short order.
On a longer term outlook CSR has the potential to become canada's first producing mine with Cobalt as its main product and not a by product as it has been in the past. The government of Canada and ontario government also supports this view and will likely inject money to help companies approaching production. If one does hold onto his shares for a few years, this stock many very well be trading in the double dollar digets $10 or more when production begins and ramps up. Just a little food for thought for those long term investors out there.
Please do your own DD, and make investment decisions rationally.