Friday, September 26, 2008

Zinc (another one bites the dust) and Gold (upping this morning)

First gold, and it's printing $890/oz right now. I got a mail yesterday about the "Emperors with no clothes" post that said I was probably gloating too soon. That misses the point; I wouldn't hold gold if I thought it was going down. All that's being said here is the 3 month treasury bill is the place to look for direction on gold, not a bunch of tinfoil hatters and their ravings. This is the comparative post, and it's very simple, not brain surgery. Remember just one line to see where I'm coming from: Goldbugs give gold investors a bad name.

Now Zn, and this one from Reuters is just more confirmation about the current bottom. Adam Smith would approve.

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DUBLIN, Sept 26 (Reuters) - The Galmoy zinc-lead mine in Ireland, owned by base metal producer Lundin Mining will begin a three-year phased shutdown in December, a union spokesman said on Friday.

"It was being mooted last night that they could probably mine ore for 10 more years -- there is still more there but it would cost too much to get it out of the ground,"