you are correct Diesel !!!! LME - from 470Kt to 395Kt over 11...

you are correct Diesel !!!!

LME - from 470Kt to 395Kt over 11 months or so,

during this same period, SHFE went from 30Kt to 100Kt......

also during this period - approx. 72Kt was "dropped" onto the LME.....

this suggests "actual consumption" was only 73Kt.

of interest if that all of the metal on the SHFE is under warrant (ie if you try and buy any vol in the futures mk - you will move the price).......while the LME is not yet showing any signs of "tightening".......

also of interest is a chart of ave monthly draws from the LME .......basically its gone from 0 to 1500+/- over the past 6 months or so.....

we has a bit longer to wait (imho).

the positive is that if MCR is able to execute its gold strategy, then 20k Oz to 30K Oz producer is worth more than the current mk cap (ie the ni and cash are still free in the share price.....). For this to be the case - one has to believe in management, and that the company will "discovery" another 100-150K Oz of resource in any future drilling campaigns.

rgds
V_H