RE: News Flash!Bjorn,
Sometimes, only satire can illustrate the absurdity of the market valuation that is being given to Mercator.
That absurdity can also be expressed more directly, as in this excerpt from Clive Maund, with respect to the gold market. (Several of my previous posts have shown that ML has a trading pattern that is strikingly similar to the major gold indexes.)
“Market panics are a "harvest time" for seasoned speculators who, armed with a war chest of cash, coolly watch from the sidelines as the great unwashed masses push and shove and beat their way towards the exits, gripped by blind fear that the world is coming to an end, at least as far as their investments are concerned, and that if they don't sell immediately their previously cherished holdings, they will get much less for them later and perhaps nothing. They jettison everything, regardless of fundamental or intrinsic value, and as the panic approaches maximum intensity and prices accelerate into a vertical descent, the Smart Money moves in and vacuums up all the trashed securities at fire sale prices and then sits back and relaxes, assured of huge profits as prices stabilize ahead of the next long up leg. The investment masses, lying battered and bruised on the sidewalk, take a sideways look up to see the Smart Money limousines pulling smoothly away, their occupants chuckling with contented glee, and acknowledging their benefactors out on the street with a final "Thanks suckers!". That is exactly the situation we find ourselves in with respect to the Precious Metals sector right now, and especially with respect to Precious Metals stocks, which are close to or at a historic extreme low relative to the metals.”
https://www.safehaven.com/article-10970.htm