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pencilvanian
1000+ Penny Miser Member
USA
2209 Posts |
 Posted - 10/14/2009 : 15:47:02
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Is-copper-a-precious-metal-now-21979-3-1.html
Is copper a precious metal now?
2009-10-14 16:30:00
LONDON (Commodity Online): Has copper become a precious metal now? That is the question investors are asking now. In fact, many investors have now started dumping gold for copper so that they can make a killing in the unprecedented surge the orange metal is witnessing.
Copper price staged a stunning turnaround earlier this year, long before economic recovery appeared on the horizon.
From a low of about $1.25 per pound last fall, the price of the metal used to make wires and pipe has recently traded at close to $3 a pound. In fact, copper is acting like a precious metal.
Some investors are treating it more like silver, platinum or gold, buying it as a hedge against currency fluctuations, potential inflation or even as a store of long-term value.
According to analysts, there are elements in the market who want to hold copper as a hedge very much like they would keep gold.
Some analysts believe that copper could play an increasingly significant role in helping several mining companies boost their production.
The longer-term trading of copper will be based more on fundamentals of supply and demand. But there is a currency component to the point that people having a negative view on the value of currencies believe one way to hedge, somewhat, is to buy commodities. So copper is benefiting from that.
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Some investors are treating it more like silver, platinum or gold, buying it as a hedge against currency fluctuations, potential inflation or even as a store of long-term value.
I wonder if they are referring to Realcent members.
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twocents
Penny Collector Member
398 Posts |
Posted - 10/14/2009 : 17:01:53
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| I saw that article. Time will tell. I am still absolutely keeping my gold, silver, platinum, and palladium. Only FRNs go into accumulating copper. |
Just my two cents! |
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AGgressive Metal
Administrator
USA
1937 Posts |
 Posted - 10/14/2009 : 17:27:23
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quote:
I wonder if they are referring to Realcent members.
That would be the day! |
And he that hath lyberte ought to kepe hit wel / For nothyng is better than lyberte / For lyberte shold not be wel sold for alle the gold and syluer of all the world.
-Caxton's edition of Aesop's Fables, 1484 |
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beauanderos
1000+ Penny Miser Member
USA
2408 Posts |
Posted - 10/15/2009 : 18:55:57
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| having started amassing silver (primarily) and some gold back in 2003, I don't want to chase the price as it climbs, so I am one of the new breed who is turning to copper as a "precious metal." It DOES have many of the same attributes as it's more lofty brethren, and what few people are taking into consideration is that peak oil is real (watch crash course on chrismartenson.com) and when we can't afford to fuel those monster trucks that haul out low-grade copper ore from huge strip mines then at some point, some enterprising miner (China?) will realize there's 550,000 tons of 1959 - 1982 copper out there in the form of cents just waiting to be melted down. I can see the day when junk copper will be selling on ebay as ubiquitously as silver does now. Hoard now and hold on! Cents will likely disappear completely when we switch to cardboard coins (plastic requires oil). |
Hoard now and hold on!
http://coppermillions.blogspot.com/
http://wherewillyoubein2012.blogspot.com/ |
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n/a
deleted
478 Posts |
Posted - 10/15/2009 : 19:00:43
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| Is copper the new precious metal? Answer: NO. Not as long as crack heads can take hundreds of pounds of copper wiring and plumbing from abandoned buildings down to the local scrap yard. Copper is an industrial metal. |
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El Dee
Penny Hoarding Member
USA
547 Posts |
Posted - 10/15/2009 : 19:21:15
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quote:
Originally posted by beauanderos
Cents will likely disappear completely when we switch to cardboard coins (plastic requires oil).
Cardboard cents...I like it!
To go with our wooden nickels.
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Trust the government? Ask an Indian. |
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beauanderos
1000+ Penny Miser Member
USA
2408 Posts |
Posted - 10/15/2009 : 19:48:53
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| Copper may not be recognized as being precious, but someday may well be considered priceless... in the event of hyperinflation otherwise known as WTSHTF. At that point a few gold coins will buy a house, a few silver coins a good horse and buggy. Aside from that we'll be relying on barter and copper for everyday purchases and making change for silver (gosh, just like the old days prior to 1965!) You know how we're all supposed to have a liquid supply of emergency cash for 3 to 6 months of expenses? Heck with that, I'm putting my money into $25 bricks of pre 82's. The more the merrier. Hoard now and hold on! |
Hoard now and hold on!
http://coppermillions.blogspot.com/
http://wherewillyoubein2012.blogspot.com/ |
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biglouddrunk
Penny Pincher Member
138 Posts |
Posted - 10/15/2009 : 20:03:06
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| Copper is an industrial metal, but that is what makes it increase in price. To me gold is nothing more than inflatable currency at least copper can be used for something. |
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pencilvanian
1000+ Penny Miser Member
USA
2209 Posts |
Posted - 10/17/2009 : 17:05:25
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Copper is a bit like silver, it can be both a precious and an industrial metal at the same time. Both have their fans and detractors, but copper should not be ignored as a source of preserving wealth.
Copper once was a precious metal in its own right back in the days of the Roman Republic. Copper lost its status when Rome conquered the island of Cyprus. The supply of copper went up and its buying power went down (the first monetary inflation in history but the romans didn't realize it.)
Copper became the metal used in everyday life before and during the iron age. Copper or bronze objects were in day to day use for centuries after copper lost its position as a precious metal.
Yet even when copper lost its precious status to silver and gold, copper still played a useful role as a store of value and wealth, since copper and bronze coins were minted by Rome, China and other nations of long long ago. Someone with one thousand copper or bronze coins would not be considered rich, but they would not be considered poor either.
Copper has for centuries been the third money metal, the metal commoners used in day to day trade to keep commerce moving.
Inflation has caused copper cents to be replaced by copper plated cents, and as inflation rages on copper cents will increase in value as well. |
Edited by - pencilvanian on 10/17/2009 17:08:35 |
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Computer Jones
1000+ Penny Miser Member
USA
1112 Posts |
Posted - 10/18/2009 : 11:40:14
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I've been hoping Cu would be considered a precious metal for years.
That notion has been "Poo-Poo'ed" several times.
It all depends on how badly everybody wants it and how much is available.
Remember the Washington Monument was topped with a pyramid of "the rarest, most expensive metal on Earth", Aluminum, when it was first constructed! |
There's profit if you melt things!!
8{> |
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Copper, the new precious metal?
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