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well the rate gold is going we'll see the ox reach $4
a matter of time
a matter of time
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MalteseBullMalteseBull said:
You will be right very soon - before end-May in any event.
Every commodity mined by the Ox is going thru the roof.
Mine closures in Chile will exacerbate both copper and zinc supplies, so look for another few percent price gains tonight.
Commodity gloom merchants are simply relying on "new" money to take profits.
Instead, smarter money is buying into the dips and ratcheting prices ever higher.
If the media morose cared to read the fundamentals (can they read!), they would have put their homes on the line, instead.
It's a shame the Ox is not producing nickel - it's jumped massively as well to sit near $21,000 tonight.
Copper price hits record high above 8,000 usd/tonne as Grupo Mexico closes mine
LONDON (AFX) - The price of copper smashed through 8,000 usd per tonne for the first time following the closure of a mine in key producer Mexico.
In morning trade on the London Metal Exchange, three-month copper prices reached 8,010 usd per tonne -- the highest point since the metal was first listed in 1877.
The price of copper, used for electrical wiring and plumbing, has been boosted in recent months by supply problems, limited output and soaring demand from the booming economies of China and India.
Mining company Grupo Mexico said this morning it is closing its zinc and copper mine in San Martin, the country's largest, after the government refused to intervene to end a strike that has affected the site since March.
Zinc, which is chiefly used to galvanise iron and steel, also hit a new record of 3,525 usd per tonne.
Strike action has also hit another of the company's copper mines in Le Caridad, while mining production is declining in Chile, the world's largest producer of the commodity.
The group Antofagasta forecast this week that its Los Pelambres copper mine in Chile will produce 319,000 tonnes of copper this year, 4.4 pct less than in 2005.
http://www.afxpress.com/about488/index.php?lg=en&c=00.00&story=1470680
LONDON (AFX) - The price of copper smashed through 8,000 usd per tonne for the first time following the closure of a mine in key producer Mexico.
In morning trade on the London Metal Exchange, three-month copper prices reached 8,010 usd per tonne -- the highest point since the metal was first listed in 1877.
The price of copper, used for electrical wiring and plumbing, has been boosted in recent months by supply problems, limited output and soaring demand from the booming economies of China and India.
Mining company Grupo Mexico said this morning it is closing its zinc and copper mine in San Martin, the country's largest, after the government refused to intervene to end a strike that has affected the site since March.
Zinc, which is chiefly used to galvanise iron and steel, also hit a new record of 3,525 usd per tonne.
Strike action has also hit another of the company's copper mines in Le Caridad, while mining production is declining in Chile, the world's largest producer of the commodity.
The group Antofagasta forecast this week that its Los Pelambres copper mine in Chile will produce 319,000 tonnes of copper this year, 4.4 pct less than in 2005.
http://www.afxpress.com/about488/index.php?lg=en&c=00.00&story=1470680
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Lucstar, *everything* dipped today, virtually, I don't think the drop is indicative of OXR its indicative of the market as a whole, I have a feeling it will bounce back tomorrow, if not on Wednesday.
Don't panic!
Don't panic!
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"Dip".... how about the wheels fall off.Lucstar said:
Need the gap filled under $3.20 to get me excited enough to buy any more.
Can't see that happening any time soon as gold prices rallied slightly today.
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NupLucstar said:
The wheels are falling off at the moment - gold down 3% in half an hour or less and commodity prices are collapsing faster than a Zimbabwe cricket team..
Good news for you, Lucstar, is that prices have bounced ever so slightly in past few minutes, but US market has yet to enter the fray.
C'mon the bears!
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rederrob, what site do you use to track gold prices?
professor_frink
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So the price is now down around $3.20, which is basically what I paid for it to begin with...What's happening here, gold and copper haven't dropped THAT much - I just don't really get it.
I feel that 3.20 is a pretty stable point for this company at the moment. Anybody think we will see it back at 3.75 anytime this month? If so I may just have to buy some more
LPA
I feel that 3.20 is a pretty stable point for this company at the moment. Anybody think we will see it back at 3.75 anytime this month? If so I may just have to buy some more
LPA
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LPALPA said:So the price is now down around $3.20, which is basically what I paid for it to begin with...What's happening here, gold and copper haven't dropped THAT much - I just don't really get it.
I feel that 3.20 is a pretty stable point for this company at the moment. Anybody think we will see it back at 3.75 anytime this month? If so I may just have to buy some more
LPA
Bid at $3.15 or lower.
If the price comes in, it is likely to finish higher at market close.
OXR might not climb back to $3.75 in a few weeks, but it could be $4 in 6 weeks.
There are few commentators that call this other than a "correction", so if you have a decent time frame to trade/invest, you should do handsomely.
I guarantee it with all my luck!
Thanks for the vote of confidence I originally bought in at $3.13 so I decided to top up at $3.14. I can't see it dropping below $3 before this thing is over and it starts slowly gaining ground again
*edit* just made my buy at $3.14. Is anybody else buying, or am I acting to quickly?
I originally bought in at $3.13 so I decided to top up at $3.14. I can't see it dropping below $3 before this thing is over and it starts slowly gaining ground again *edit* just made my buy at $3.14. Is anybody else buying, or am I acting to quickly?
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I'm no expert by any means, but Gold seems to be doing better overseas at the moment and I think this drop in OXR has been affected by the recent gold drops, so hopefully this will do something to help OXR recover, I am suprised by the severity of the drop too, especially given how well OXR was going without too much volatility.
Sean K
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It's had an incredible run ctp. Time for a rest.
It's hard to put a price an any of the gold miners at the moment and know what good value is. Sure you can pluck an eps via their hedging positions and 'average' spot price for the year, but what the hell is that going to be?
And analysts are plucking anything from $450 to $2000 gold next year.
Best guesses really. It could be worth anything between $1 and $5 right now!
Long term, it's a winner.
It's hard to put a price an any of the gold miners at the moment and know what good value is. Sure you can pluck an eps via their hedging positions and 'average' spot price for the year, but what the hell is that going to be?
And analysts are plucking anything from $450 to $2000 gold next year.
Best guesses really. It could be worth anything between $1 and $5 right now!
Long term, it's a winner.
I agree completely that long term this is a winner - and now might be a good time to buy some more, which I did
But Oxiana doesn't hedge their gold at all, it's part of their business strategy. Is this a good or a bad thing in this type of market? Maybe that's why it is seeing such a huge drop?
My crystal ball is telling me (which is basically the best bet at the moment ) that people are overreacting/profit taking big time and that by this time two months from now we will be laughing.....that's my completely uneducated opinion!
But Oxiana doesn't hedge their gold at all, it's part of their business strategy. Is this a good or a bad thing in this type of market? Maybe that's why it is seeing such a huge drop?
My crystal ball is telling me (which is basically the best bet at the moment
) that people are overreacting/profit taking big time and that by this time two months from now we will be laughing.....that's my completely uneducated opinion!
tech/a
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To early to pick bargains in this sector at the moment.
Things will flatten before resuming.
Unlikely to V bottom.
Easy your way into positions on up ticks.
Wait for lows to be tested and new immediate term lows to start rising.
Anyway Thats my veiw.
Things will flatten before resuming.
Unlikely to V bottom.
Easy your way into positions on up ticks.
Wait for lows to be tested and new immediate term lows to start rising.
Anyway Thats my veiw.
*sigh* $3.08
Can someone help a newbie out here Is this going to stabalise and return to normal slowly after all the craziness? Or is it just going to sit around $3 for the next few months until they announce that they are going to mine at Prominent Hill? (which should be happening in August according to their website).
I'm still scratching my head over this stock...
Tech-a thanks for the advice, I was watching it and figured that $3.15 was pretty stable and hope it still is by the end of the trading day. I guess the real test comes over the rest of the week. The dumping of stocks in general seems to have ended today for everything but mining stocks....whether or not they will slow down today/tomorrow remains to be seen.
Oh well, I'm learning alot I'll tell you that now!
Can someone help a newbie out here
Is this going to stabalise and return to normal slowly after all the craziness? Or is it just going to sit around $3 for the next few months until they announce that they are going to mine at Prominent Hill? (which should be happening in August according to their website).I'm still scratching my head over this stock...
Tech-a thanks for the advice, I was watching it and figured that $3.15 was pretty stable and hope it still is by the end of the trading day. I guess the real test comes over the rest of the week. The dumping of stocks in general seems to have ended today for everything but mining stocks....whether or not they will slow down today/tomorrow remains to be seen.
Oh well, I'm learning alot I'll tell you that now!
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