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« The Most Important Geopolitical Trend of the Next Decade…Here’s How to Profit | Main | How to Make Sure the Government Can’t Freeze Your Bank Account »

The Icahn bottom

Carl Icahn’s move into Freeport-McMoRan puts the shine on the mining sector as a bottom-fishing opportunity. It’s a theme that’s done the Internet and media rounds. Indeed, it’s hard not to cast the impending activism on Freeport as such a sign. That is, a sign of a savvy investor locating prey in a suffering sector.

Icahn would not miss the miners’ travails: widespread dissatisfaction in mining shares with so many of them at multi-year lows; management firings at major and minor miners alike over the past few years; at least a couple rounds of writedowns under the belt; a venture market in Canada hitting record lows; metal prices long falling; heavy cost-cutting; supply tending to over-supply for major commodities, gold included (although it’s not your usual metal); and an awkward rebalancing of the Chinese economy for commodities, albeit as the US economy continues to gather momentum.

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Is the bottom really in for gold - we don't think it is? The HUI is down to 109 today, the August rally is already dead in the water.

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