In our opinion, the supply and demand dynamics have set the stage for a multi-year bull market for gold. Even as companies begin new projects, decreased exploration in the 1990s has caught up with the industry. It generally takes a few years for a new mine to become operational. The gap between production and consumption of gold should widen as output likely stagnates and physical demand rises. |
Reynolds said in its last conference call that it would be open to mergers. In light of what happened this morning, Reynolds may have left it self out to dry. |
With what happened earlier this morning, I guess [Alcoa] decided to show their cards. |