GREY:MLKKF - Post by User
Post by
bendergardenon Sep 04, 2008 4:31pm
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Post# 15432107
Right price, wrong time
Right price, wrong timeWow. I got in today again for 6.70, and I'm only so-so about it. I remember being thrilled when I got in at 10.63 once. I keep buying this thing on big crashes and selling it a week later or so for profits, but it would be nice just to hang on to it. But forget that. So much downward pressure. Higher dollar, building LME inventories, blah blah
Its the steel markets causing the panic sell off yesterday and today. People freaking out about China slowing down far more than expected. That will affect all base metals, although Thompson and Merc and Quadra will take a fat hit if moly spot prices tank with steel, a connection people are quickly making. Met coal will sink in tandem. It took a nasty hit today also.
Last time I got in at 7.47 or something and I knew I would scoop a quick return. Not so sure this time but I will try. I'd love to buy and hold as Mineral Park is a fantastic property but I am not going to try to fight the market. A volatile ride downward is the only thing on the menu, so I guess thats what we are all having. Go with it or get beat by it.