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Moderator
 United States
187950 Posts |
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Came across a thread where a member claims to have 6 million copper cents... $60k cash I cannot imagine my copper hoard ever getting that size.   Mine is probably $15... at most.  |
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Pillar of the Community
United States
1648 Posts |
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I cannot imagine my copper hoard ever getting that size.
Mine is probably $15... at most. Remember this one? Family finds 1 million copper pennies while cleaning out home http://goccf.com/t/447922I get that most agree its not typically worthwhile (especially vs other cost effective metals like gold or silver) and very rare that type of excess even for a collector. The fact is that copper value would normally go up from transition to evs and renewable energy transition and that can happen starting in the very near future not decades away, so its actually not necessarily a bad time to at least retain it if you happen to come across some. Normally most would just dump it as being unworthwhile to hold onto but that may not be the case anymore. That doesn't mean to buy 1 million copper cents to cash in. However this one says that copper may not be needed as much due to potential innovation (less but not none) so maybe coinfrog will ultimately be right, although that would be in the much longer term and so price would still go up for the next decade, just not to extreme levels. New electric vehicles from Tesla (TSLA.O) and rivals are being engineered for efficiency in a way that cuts copper content, changes that could limit demand growth for the metal as the next-generation of EVs hits the road, industry analysts say. Goldman Sachs estimated copper in an average EV would fall to 65 kgs per vehicle by 2030 compared with an estimate of 73 kgs last year. It expects copper demand for EVs to be 1 million metric tons this year and 2.8 million by 2030. Previously, it had projected 3.2 million metric tons of demand from EVs in 2030. CRU's Edwards said some of those bullish on copper may have underestimated the potential for EV makers to roll out technologies that limit the use of the metal. https://www.reuters.com/business/au...-2023-07-07/Quote:
When you read "Experts Predict...", run in the opposite direction Here you go for the next time you want to post that... in this case however its obvious based on its usage, Only whether its usage will lessen even more with other innovation.  Edited by datadragon
01/16/2024 09:55 am
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Valued Member
United States
136 Posts |
If you have a huge plot of land with loads of empty barns then maybe copper is good to stack but really unless you actually could have a use for it the cost of transport and storage is just prohibitive.
I once had to take physical delivery for 320 futures contracts of gold which at the time was around 12 million dollars of the stuff and was basically a ton of gold... it wasn't a lot of space though - its basically a foot cubed of the stuff.
But I can't tell you how much of a nightmare it was to deal with it - never take anything to pricing unless you are a bullion dealer and completely set up for it...
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Pillar of the Community
United States
1314 Posts |
Trying to learn.
When the precious metal venders offer a 1 ounce copper round, is that measured by Avoirdupois standards, or Trojan?
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Valued Member
Canada
402 Posts |
Trojan? ...... you meant troy of course
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Pillar of the Community
Portugal
655 Posts |
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When you read "Experts Predict...", run in the opposite direction. Very true in out present times. Most are self serving salesman. And never speculate in what you do not understand. Let the miners and the industries handle copper. |
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Bedrock of the Community
Australia
21786 Posts |
Pure copper currently 0.95 cents per gramme
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Pillar of the Community
United States
1314 Posts |
cdngmt
"Trojan? ...... you meant troy of course"
You are correct, and I think I need more than 4 hours of sleep every night.
I can laugh at my own mistakes and appreciate the correction.
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Pillar of the Community
United States
5203 Posts |
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2000 pounds of copper cents. @$3.41/lb, that's $6,820. That's about the same as 4 ounces of gold (which you could put in your pocket). I only have 800 pounds of copper pennies sitting in boxes They only cost me face value. Gold on the other hand . . . . . |
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Moderator
United States
187950 Posts |
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I only have 800 pounds of copper pennies sitting in boxes... They only cost me face value.  |
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Moderator
United States
54280 Posts |
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I only have 800 pounds of copper pennies sitting in boxes 800 pounds of copper cents is about $1,160 face value. If you had cashed in those cents a year ago and bought silver, you'd have about $1,878. If you had cashed in those cents a year ago and bought gold, you'd have about $1,602. Show your financial support of the Coin Community Family (click here)See my topic on Mexican Numismatic Medals (click here) |
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Pillar of the Community
 United States
5177 Posts |
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Moderator
United States
187950 Posts |
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If you had cashed in those cents a year ago... Killjoy!  |
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Valued Member
United States
450 Posts |
NIce Link NumisEd. Very informative.
IMHO the US should stop producing 1 cent coins for circulation now, and 5 cent coins some time in the future. A candy bar costing well over a dollar today used to be 5 cents when I was a 12 yr old paperboy.
Pennies are useless. They are zinc now, BC the mint knows zinc deteriorates over time, and peeps don't spend them.
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Moderator
United States
187950 Posts |
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IMHO the US should stop producing 1 cent coins for circulation now, and 5 cent coins... Pennies are useless.  I will amend to say that the nickel needs to go away as well.  |
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Posted 01/15/2024 11:11 pm
