Posted on 11/09/2010 8:14:32 PM PST by blam
Copper Reaches 28-Month High At $4/Pound
by: Tim Iacono
November 09, 2010
Dr. Copper seems to like what he (or she) sees in the Federal Reserve’s new plan to print hundreds of billions more U.S. dollars over the next eight months, the metal with a PhD in economics rising to the $4 a pound mark for the first time since early in 2008.
Though you wouldn’t know it from the above graphic, recall that commodity prices surged in early-2008 prior to the financial market collapse later in the year, metals reaching their highs in the spring (copper at about $4.25 in May) while energy prices peaked in July. The price of crude oil is worth keeping a close eye on at this point, however, the big difference between 2008 and 2010 is that, back then, it was run-away demand from Asia that threatened energy market stability. Today, it’s run-away money printing by the Fed.
Excellent! This will assure the thinning of the herd as scum bags try to steal from electrical substations.
Time to dig through my pennies.
I’ve heard of several giant rolls of copper wire having been stolen from job sites over the past 3 years.
We’ve had 3 or 4 robberies on the job I’ve been on since Spring.
It will be interesting to see if people cheer the rising asset value of a fungible asset like copper or stock in a copper mining company as much as they did in illiquid investments such as housing.
Come now Did they really Robbed you or did the burglarize you
Francisco d’Anconia is on a roll.
Only pre-1981 pennies are made of copper.
Post ‘81 they are made of zinc mostly.
There are 141 pre-81 pennies to the pound.
That works out to about three cents in melt value.
($0.028 each)
I’m waiting for someone in this administration to come out and blame the speculators.
So...my 2 cents might be worth a penny now. cool.
Plus, the US dollar is made up of 100 pennies and since pennies are made of copper and copper has real value...there may be actual dollar valuation.
And silver hit 29 or so today.
We are entering a strange and dangerous period.
Commodities are always the canary in the economic mine shaft.
WOW - California may go dark before I thought it would - look for the illegals to start cutting power lines ...
Wrong word my apologies: Burglarize, I can say for sure it wasn’t a robbery and therefore they didn’t “Robbed” us.
Yes, I know.
But because the zinc pennies are perfect forgeries there is no easy way for a scrap metal dealer to know what they are getting.
I think some private mints are starting to make copper coins now that an oz of Silver is almost $30 bucks that makes sense. (And they have already started minting 1/2 and 1/4 oz silver coins too.)
$4.00, for a 1 troy oz coin. (1 pound = 14.583 Troy Oz)
“Time to dig through my pennies.”
I had the same funny thought, so I did some research. Today, pennies are over 99% zinc, with a very thin copper plating. Prior to 1982, pennies were 95% copper, and there were roughly 145 pennies in a pound. So, if you have a jug full of pennies saved from 28 years ago, you can triple their value by melting them down.
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