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Ardent Listener
Administrator
USA
4841 Posts |
 Posted - 11/19/2007 : 19:17:19
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Tourney64
1000+ Penny Miser Member
USA
1035 Posts |
Posted - 11/19/2007 : 21:10:41
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| Keep dropping for a while and keep some people out this business. |
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NotABigDeal
1000+ Penny Miser Member
USA
3890 Posts |
Posted - 11/20/2007 : 06:36:26
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Maybe if it drops, they wont repeal the melt ban as quick....We need more time.
Deal
I'm so sick over pennies....I frequently trade a dime or two for the whole "take-a-penny" container if sufficient coppers exist. That will get you some odd looks. |
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horgad
1000+ Penny Miser Member
USA
1641 Posts |
 Posted - 11/20/2007 : 07:21:59
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I think at this point it is almost a given that the US is going into a full blown recession. The US is the number 2 user of copper in the world. Most of the copper is used in construction which of course is getting hit hard in the US. A recession in the US is going to put downward pressure on alot of prices.
So the questions are can the rest of the world avoid getting drug down into a recession and if so will the world copper demand sans the US be enough to keep a huge surplus from building up?
Also even if the world price of copper falls, it could still appear to rise in US dollars. Heck, if dollars fall fast enough everything will look like it is rising. Of course in that case stuff like gold, silver, and food would probably be rising faster than copper...
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horgad
1000+ Penny Miser Member
USA
1641 Posts |
Posted - 11/20/2007 : 09:21:16
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The rumor today is that the Fed's are about to cut the interest rates again. So for today inflation is trumping deflation. So most things are going up on the rumor except for the dollar.
Lately every time they cut rates, I am utter disbelief. Are they really willing to risk turning us into another Zimbabwe just to keep the stock market going for another few weeks? |
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n/a
deleted
7 Posts |
Posted - 11/21/2007 : 14:20:14
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quote:
Originally posted by horgad
Are they really willing to risk turning us into another Zimbabwe just to keep the stock market going for another few weeks?
Apparently they are. Their main goal is to fight inflation while keeping the fiat pump primed. As long as it looks good and no one is aware that the sky is falling, the more money is made and the longer inflationary recession is delayed. They are fighting to last past the next election. Cutting interest rates now is like asking for a bigger noose! The longer the collapse is postponed, the harder the impact will be. |
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aloneibreak
Penny Hoarding Member
USA
672 Posts |
Posted - 11/21/2007 : 14:20:43
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| copper took another beating today but im still happily sorting away. |
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Ardent Listener
Administrator
USA
4841 Posts |
Posted - 11/21/2007 : 15:16:56
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Some interesting Kitco copper historical charts at the link above.
Realcent.forumco.com disclosure please read
All posts either by the members, moderators, and the administration of You must be logged in to see this link. are for entertainment purpose only. It is not the intent of realcent.forumco.com to provide investment, medical, legal or tax advice and nothing posted here should be considered to be so.![]() |
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horgad
1000+ Penny Miser Member
USA
1641 Posts |
Posted - 11/22/2007 : 08:19:05
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| Those charts look ugly. Copper could easily correct to $2.50. Hopefully, it will hold there and start back up. |
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Ardent Listener
Administrator
USA
4841 Posts |
Posted - 11/22/2007 : 09:50:25
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quote:
Originally posted by horgad
Those charts look ugly. Copper could easily correct to $2.50. Hopefully, it will hold there and start back up.
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It was close to $2.50 during Jan. 07. (See one year chart) It has been up and down since then. I can see it going below $2.00 if we go into a deep recession next year. Still, any penny hoarded at even 100% melt value is honest money.
Realcent.forumco.com disclosure please read
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2cents
Penny Sorter Member
USA
44 Posts |
Posted - 11/22/2007 : 13:34:05
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And with the possible bills in congress, you don't really know how much longer cents will be out there to hoard, or at least copper cents if the big smelters are allowed to start melting again.
Hell, zinc cents might start disappearing if they come out with copper coated steel !
2cents |
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n/a
deleted
7 Posts |
Posted - 11/22/2007 : 13:35:29
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quote:
Originally posted by Ardent Listener
I can see it going below $2.00 if we go into a deep recession next year.
During a recession and in terms of absolute dollars, it could.
However, it is doubtful that we would go into recession without the sins of past over-issuing of paper money throughout the world returning to us in the form of serious inflation...or even hyperinflation. In that case the buying power of "real" money could be considerably more than the "old" $2.50/lb. The cent and the nickel are the only two coins we have that will be worth a toot. Copper on the hoof is cheaper to melt than copper ore in the ground.
Let's take a reflective moment and drool over the thought of having a TON of hard coin with an intrinsic value stashed away in our garage!
I grew up with Scrooge McDuck. "nuf said.
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Ardent Listener
Administrator
USA
4841 Posts |
Posted - 11/22/2007 : 20:43:54
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quote:
Originally posted by 2cents
And with the possible bills in congress, you don't really know how much longer cents will be out there to hoard, or at least copper cents if the big smelters are allowed to start melting again.
Hell, zinc cents might start disappearing if they come out with copper coated steel !
2cents
I'm hoarding zinc cents too even though coinflation has them at close to melt value of 50% now.  It was not all that long ago they were at 100%. The way I look at it, I would rather have money that has a melt value of 50% of its face than money that has no melt value at all. If I ever needed cash for what ever reason including seed money for more copper penny sorting, I would turn my ziners in first. But that would not happen until I used all my FRNs.
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Cu 8 month low
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