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After a gangbusters first half of the week for pretty much any ASX-listed company operating in the rare earths (REE) space, perhaps predictably, Friday has seen profit takers come in and secure play money ahead of the weekend.
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But that calculus, for those paying attention, likely anticipates a second wind. That’s because on Monday (US time) Albanese and Donald Trump are having a much-talked-about meeting, their first face to face since the firebrand American President came to the fore earlier this year.
Widely anticipated for that discussion is a focus on critical minerals, like REEs and other in-demand elements which often come onto the radar when discussing scenarios of Chinese trade war.
Underpinning that expectation is the fact that Australian Ambassador Kevin Rudd has been tapping ASX-listed exploration companies on the shoulder to brief him ahead of the meeting – presumably so Rudd can brief Albanese.
That may be for the best, given that Trump and Kevin Rudd are known to each other, or rather, it’s widely known Trump doesn’t like Rudd.
Anyway, when you add all of that together – and the fact China earlier this week further ramped up its export curbs on REEs broadly – it was a very good week to be invested in REEs. Or for a 72 hour period, it was very easy to make free money day trading rare earth companies.
A lot of meteoric rises were clocked in across the board. Arafura Rare Earths, American Rare Earths, and Lynas Rare Earths all posted large intraday gains that ran continuously. Of course, the three day rule came for those gains in the end, but that’s not really unusual to anybody who pays regular attention.
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