I honestly don't mind the 'delays'. We have one kick at the can and it has to be the best one we can possibly muster. Miners are sitting on lots of cash with a 4+ yr outlook for expansion.
We have had over 2 yrs for the economic system to build a firewall around Greece and Europe. Mjr USA corporations have been repatriating cash Euros from that region into US dollars to safeguard agains the Euro collapsing. We've had stress testing etc etc. The best thing - in my mind - would be for Greece (with its rather insignificant economy) to peacefully default in an orderly manner and be the poster child for what could happen to Italy and Portugal and whoever else if they don't get their houses in order.
Folks should remind themselves that the BFS will use trailing 3yr metal prices as one of the economic scenarios for the mine model. Take a look at the prices for Copper, Gold and Silver and how they have been rising so nicely over the last 2 months.
I don't people would say that the Greek/Euro situation has really improved in that time but metal prices seem to think that things are okay. In the long term, I expect copper to come down to its rough 5 yr average of about $3 unless we see real increases (like those leading up to 2007) in manufacturing and building.
http://stockcharts.com/freecharts/candleglance.html?$COPPER,$GOLD,$SILVER|C|B14
A better look at the 3yr trailing averages ("MA(156)" weeks):
copper : http://stockcharts.com/h-sc/ui?s=$COPPER&p=W&yr=3&mn=0&dy=0&id=p70772038793
Gold: http://stockcharts.com/h-sc/ui?s=$GOLD&p=W&yr=3&mn=0&dy=0&id=p39751691550
Silver: http://stockcharts.com/h-sc/ui?s=$SILVER&p=W&yr=3&mn=0&dy=0&id=p24002266510
|
|
Dec 27 (3yr)
|
Feb 10 (3yr)
|
Increase
|
|
Copper
|
3.29
|
3.37
|
102.4%
|
|
Gold
|
1267.94
|
1291.79
|
101.9%
|
|
Silver
|
23.67
|
24.22
|
102.3%
|
|
|
Average
|
102.2%
|
