The Dow commenced the month with a strong gain, inspired by upbeat economic reports and undeterred by General Motors’ Chapter 11 filing. In Colorado, General Moly Inc. led actively traded gainers. For full story, click here
As a minor metal, molybdenum is prone to rapid price fluctuations; in the past this had generated huge returns on investment. Molybdenum was one of the last metals to feel the effects of the economic downturn, but has failed to match the recovery experienced by many metals since the start of the New Year.
Erdene Resource Development Corporation reported that steelmakers will struggle to secure supplies of molybdenum in 2011 as the economic crisis spurs producers to shelve 100 million pounds of new supply. For full story, click here
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