Dip in metals miners could spell buying opportunity
Today's Financial News - Posted January 20, 2010
Precious metals and mining stocks took it on the chin yesterday. Mining penny share Alto Group Holdings Inc. (OTC:ALTO) posted the steepest drop, losing almost 40% in a single session. My old favorite Silver Wheaton Corp. (NYSE:SLW) closed down -4.6%.
by J. Christoph Amberger
Baltimore, MD: Whatever effect the anticipated breach of the liberal deadlock on power had on Tuesday, it sure didn’t carry over to Wednesday. My anticipated knocking of the Dow on the 11,000 level simply didn’t materialize.
Chinese officials hinted that the world’s biggest metals consumer would be reining in loan growth and slowing spending… on infrastructure, construction, and the on-spec hoarding of metals and resources.
Precious metals and mining stocks took it on the chin. Mining penny share Alto Group Holdings Inc. (OTC:ALTO) posted the steepest drop, losing almost 40% in a single session. My old favorite Silver Wheaton Corp. (NYSE:SLW) closed down -4.6%.
I think this pullback especially of the silver sector will be temporary. As we approach the release of Q4 2009 earnings, I think a number of precious miners will surprise with their numbers: Plenty of them will be seeing the positive effects of having re-opened dormant mines starting summer 2009… and as mines started producing, revenues will have taken impressive jumps.
One of my favorite mining penny shares in this regard is a canadian miner who has plenty of new revenues coming in…
I’ll tell you that stock right on my blog site!
Next Article: Sinobiopharma, Inc. (SNBP) soars on — what exactly?
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