Same here, bought both zincs and nickels, and don't feel enough of a complete grasp on both situations to pontificate ... i am tending much more to the zincs though, partly because they are really zinc/silvers or silver/zincs, but more because the supply picture seems clearer to the end of the decade at least - there simply aren't enough Zn projects ongoing to keep up, so without a depression or something to reduce consumption, zinc is going to be rationed by price
Nickel is a far smaller market, which maybe gives it volatility on the way up, and on the way down too ... it certainly has been sexier than zinc lately, how long will that keep up, who knows ... one little factor could be, that the laterite Ni production uses fantastic amounts of energy, this has made it less economic when oil was running high, but as oil settles back down, which it looks like it's doing now, then there may be more nickel coming out of the tropics, and our sulphide ore less valuable ... long run though, oil is going through the roof, so i think following Ni all the way through is a good idea, and in the very short run there is clearly a shortage, so playing bmc/rng/fni etc will likely be a good idea for a while ... overall though for me, majority of pf for the foreseeable future will be in Zn/Ag and Ag/Zn plays |
