Lead Price/Metals Down TodayOn Kitco site, I see a 6.2% drop in price of lead today, as all the industrial metals prices were hit hard. Biggest drop in copper for a single day in many years, same with other metals.
It seems we have rumors floating, just as we did early this year, the China growth 'may' slow, and world economic activity, in general is slowing down, ergo, less perceived future demand for industrial metals.
I saw the same bs scenario floated by traders earlier this year, and it resulted in a significant intermediate term selloff in metals stocks. Also, the 'commodity currencies' of Aussie, NZ, and Canada were hit vs. the US$, remember?
The technicals on metals and commodity currencies are sterling, however, and this appears to be a short term selloff, perhaps hedge fund profit taking after a big run, to be followed by a resumption of the long term bull market trend in metals/comm.currencies, IMHO.
Take advantage, should you have the money. And keep a close eye on the US dollar, this is the key, as it shows that while US economy may slow, other economies could still continue to move forward.
Efforts will be made, periodically, to prop up the US $, just to slow the decline rate, but will not stop the trend.
A real whopper of a trend change world-wide, and bullish for metals.
vocex1