Someone in Beijing has a wicked sense of humour.
According to NYT, China has resumed regular rare earth shipments following a period of diminished exports that had countries like Japan and Germany up in arms.
Of course, this is the worst possible news for the rare earth stocks, which basically just run up on China-scare headlines.
And what’s great is that this news comes out on the day that the rare earth ETF (REMX) debuts on the NASDAQ.
On this news, shares of red-hot momentum play Rare Elements (REE) went from being up 4% to down 4%.
MolyCorp is down as well.