To my knowledge Molycorp has never actually explicitly said that they would produce separated MREOs/HREOs as part of the ramp up to 40,000t of, but the company has asserted that it will produce such elements in "commercially significant quantities."
Two hours into the Thursday session the selling intensified and gold fell some $10 under the $1,750 support level with a loss of nearly $30 per ounce. Silver dropped by 70 cents to once again draw close to the $33 mark.
The technical set up for silver is looking interesting. As I write this with the (SLV) at $33.60, it looks like we are just about to break the 50-day moving average to the upside. If successful, then the 200-day moving average at $35.60 is a chip shot.
Combine the central bank purchases of gold with the fact that we are now entering the strongest months of the year for gold. November has historically been the strongest month of the year for gold equities, with mining stocks increasing 8.1%.
The US likes to fancy it a place that does everything a bit bigger and better than the rest of the world. And while some of this might just be American bluster, the Yanks have plenty to crow about it when it comes to oil production in recent years.
I know a fair amount about fundamental analysis, and I believe that the fundamental reasons that existed in November of 2006 for purchasing gold are even stronger today. And today I would have to add also for silver.
Rare earths are an unsettling topic. Today, everyone tries to claim a concrete view on these materials since at least 2002. But unless you were a scientist or involved in making catalysts or magnets, you probably didn't know they existed until last year.
Sky- high prices for gold and silver, unmatched by their mining stocks, illustrates that something deep and planetary is emerging, so investors ignore this factor at their financial - and possibly personal - peril.