.....I am sure after reading the following snippet your first instinct is to pull out your hair and run for your wive!
Billions wiped off metal stocks after China, EU and US deliver economic shocks....
The mining sector's bellwether companies were all beaten down on Thursday as the price of metals and minerals continued to slide and economic indicators from across the globe painted a bleak picture for the mining industry.
Mining stocks are particularly sensitive to bad news out of China and a new survey that showed manufacturing activity in the country is set to decline for the eighth month in a row in June, set the bearish tone for the day.
The same survey conducted in Europe also released on Thursday supplied more reasons to sell – Europe’s banking and sovereign debt crisis is now dragging down even the powerhouse of the region Germany with factory output contracting at its fastest pace in three years.
As if that was not enough US manufacturing data released as the New York market opened also indicated an already tepid recovery was losing steam.
I enjoy Freckles (Frik Els), decent enough writer and recent reader. I keep waiting for him to join the suddenly aware writers that we are heading into recession...or if you are a fan of Armstrong and Pedersen, we have never left recession.
And although the downturn will be steeper than 2008, it will be less jagged as the almost the entire world economy will tumble into the tank. Looking to make sure you actually prosper in this new normal? Continue to bail out of all non-essentials, swap fiat for physical gold and silver and be on the prowl for gold and silver juniors. And especially important....for me anyway, I am looking for gold juniors that are talking....albeit in hushed tones...of possibly going into limited production. Only works if the property in question contains close to surface high grade gold. There are Aussie mills available for under $10 million dollars, so keep this in mind as you are preparing to do your due diligence, what?