RED/Copper/Yellowcake
Hi MM, I have three queries which I will try keep brief as I am typing these on my phone: 1) RED: Given your comments this morning posing the question: can it get any better in relation to the macro backdrop for gold and that you are monitoring your gold exposure closely with a view to potentially taking profit into current strength - and RED's recent share price weakness, what are your latest views on RED and whether it may be better holding off at present from buying or accumulating the stock (including with respect to its upcoming report)? Are you expecting further downside? 2) I won't try go into detail here but I saw Macquarie's recent bearish or at least neutral commentary on Copper/copper stocks, going quite far forward into the future in terms of price projections, which seems to contradict to varying degrees the strong copper narrative put forward by many, including MM. To what extent do you agree/disagree with Macquarie's views and is copper still one of your most bullish themes going forward? 3) A somewhat similar query to copper: Following recent uranium stock weakness/bad sentiment (Kazatomprom/Jabiluka), I have, perhaps not surprisingly, seen more negative commentary popping up contradicting the strong uranium theme - loosely around more supply coming on then expected and the long time taken to bring on additional nuclear capacity (new power plants etc). Have you seen this too, what are your views and do you remain bullish on uranium going forward, importantly, still holding the view that there will be a big demand-supply imbalance going forward with inadequate supply? Thanks Darren
