iPath Series B Bloomberg Tin ETN (JJT) Update
Clif Droke, Chief Analyst for Cabot’s SX Gold & Metals Advisor, advised me that he had traded out of our latest recommendation, the iPath Series B Bloomberg Tin Subindex Total Return ETN (JJT). But he also noted that he would be looking to trade back into the investment in the near future. This is what Clif had to say:
I believe the long-term trend for tin is still up based on fundamental factors, and my sell of JJT was solely based on a short-term trading signal (my main focus in SX Gold & Metals). Tin, nickel and some other metals are temporarily out of whack due to some big, out-of-control short positions in the metals market. But with the global supply chain still bottlenecked, China’s government pledging support for its economy and industrial metals demand still strong globally, I see tin maintaining its intermediate-term/longer-term upward bias.
As our portfolio is geared toward a longer time period (not trading), I recommend that we hold onto JJT for now.