This "Metalhead" sees more danger ahead.
I have been on the longest vacation I have ever taken, 2 and a half weeks in Western Ontaro, just a few miles south of the Red Lake Gold Camps. My son has been working at a resort on Eagle Lake all summer, we leave in the morning.
I have been reading the VMC boards every few days and watching the market. Most of you know I have been cautious for quite some time. I did do some buying of Canadian gold jrs during the Thursday panic. I still see problems for the base metal stocks. I feel that there will be a global slowdown and more stock market correction in the next few months. Basemetal prices will suffer from the speculative money being withdrawn and the potential demand slowdown.
If you guys read "Basic Points", I agree with Coxe that gold will still have it's day in the sun. I do not see the end of the world coming, rather a cleansing of the drunkin liquidity (debt) orgy. I think gold has been sold by people needing cash to cover margin etc. Once the panic selling cools off gold should bounce. Gold will also rise if and when the dollar breaks 80.
I can't believe that we may get another "once in a lifetime" chance to buy some of our favorite near term producers and jrs 1,2, 300% off their highs!
Hunker down guys, still some bumps ahead!
Good luck!
Kipp
