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 Replies: 18 / Views: 2,637 |
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Valued Member
 United States
425 Posts |
Thank you Gents, it makes sense as to why copper is dropping now. I search out copper wire/pipes/ etc.. from junk piles/ etc... as a PM fund. I understand that the $4/lb. was inflated and I did cash in on that high.
My question now is do I hold on to my current stash of copper as $3/lb. is closer to the norm or do any of the well educated folks here think that copper will cont. to drop with no hope of future gains.
What say you?
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Pillar of the Community
Canada
1502 Posts |
Trade it in and buy silver
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Pillar of the Community
United States
3670 Posts |
I just said in another thread that copper is the kid that the red headed step child kicks around, lol....
And I am red headed Irish at heart, so no one knows that better than I....
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Valued Member
United States
493 Posts |
They may mean, next silver as in coinage, being that copper coins are not being minted like they once were. Analysts say copper just snapped it's losing streak and futures are up a bit, 2012 mining targets are right at 3.00/lb. though. However Barclay says it will be 4.00/lb. next year.
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Valued Member
United States
425 Posts |
Quote: " Analysts say copper just snapped it's losing streak and futures are up a bit, 2012 mining targets are right at 3.00/lb. though. However Barclay says it will be 4.00/lb. next year."
Thank you Everything,
My biggest concern was that copper would drop again to say $2/lb. and not make any real gains. I try and collect a good pick-up truck bed full of scrap and drive about 2 hours away as my local scrap buyers undercut the price. Locally they were offering as much as $1.80 for copper wire still insulated, but now that it has dropped to $3/lb. they only offer 85c/lb. for this same insulated wire.
Copper #1 was going for $2.70/lb. before.......now it has dropped to $2/lb.(This is about two hours drive North of Denver, Colo.).
What's it going for in your area?
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Valued Member
United States
302 Posts |
Quote:
FOREX trading programs are being pushed hard by marketers in Australia just now. I hope they loose, but I think there is more money to be made by selling these programs than actually in FOREX trading. What most people do not realize is that speculating in FOREX, copper, or anything else is a ZERO sum game. Every trade REQUIRES TWO SPECULATORS, one which gains from the trade and one which loses from the trade. As such, SPECULATORS AS A GROUP CANNOT MOVE THE MARKETS. Individual speculators such as the Hunt Brothers can move prices FOR A TIME, but once the price gets too far out of line, the price snaps back like a rubber band and can kill the speculator. The Hunt Brothers learned that the hard way. So, who are the winners in futures trading? THE BROKERS EVENTUALLY GET ALL OF THE MONEY while the majority of the speculators lose money. Only a TINY fraction of speculators ever make money.
Here is a copper chart going back to 1979 which should give you perspective about copper prices. 
Here are the silver and gold charts for the same period.   |
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Bedrock of the Community
Australia
21788 Posts |
mmerlinn: I agree with all you have presented here.
That first graph certainly shows up the volatility of copper prices!
Real investors just hate this type of volatility; copper is just one commodity that can show this volatility up.
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Valued Member
United States
425 Posts |
OK, did some calling around town and found a place in North Denver,(that saves me about 30 miles drive into South Denver/ rush hour traffic), that stated on Thursday the 6th, taht they were paying $2.75 for #1 Copper, and $2.25 for insulated wire,(just as an example... my local dealers were offering $2 for #1 and 95c for insulated on that same day). So, I loaded up 6 months of copper,(about 680 lb.s!), on Friday. Drive down today the 60 miles to this place and off loaded. Went to the pay window and saw on my slip, "$2.50 for #1 and $1.95 for insulated". Told them the price I was quoted and they said, "copper went down!", I said "Not by that much!", They said "this is what we are offereing today, you wonna load up your copper and take it to South Denver... you can!".
I know, I know, I should not be complaining w/ a $1500 check in my hand but what is the deal? Does everybody gotta be a rip off? On my way out the guys that weigh the metal told me "they will always try and undercut someone that brings in so much at one time". Also, I brought alot of this in 5 gal. buckets so they took off 2 lb.s for each bucket!
I did stop by my local dealer and picked up 20 1 oz. silver rounds as he offered them for just $2,25 over spot. But I am thinking about some gold for the rest...... what say you?
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Valued Member
United States
425 Posts |
Wait Wait! It gets better! I went to the Bank that issued this check and they told me it is a "Rubber Check"! They told me to;"Come back and try it again tomorrow......maybe they will have the funds by then?".
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Valued Member
United States
493 Posts |
My scrapper makes us cash the checks the next day, not sure why. I think you did the right thing by not waiting any longer to bring your copper in.
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Valued Member
United States
425 Posts |
I think it was a good time to cash in also. I plan to start another pile but will not hit it as hard as before w/prices dropping.
Went to the bank again today and still no funds availible to pay this check. Scrapper claims that they have deposited over $10,000 in the last two days and are not sure why the bank will not pay the check out. Still claiming that if I drive the two and a half hours to their main office they will pay me cash, but I can not spare 6 hours right now.
Just seems like when ever you are talking/dealing with PM's, someone else is always getting the better end of the deal!
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Valued Member
Canada
497 Posts |
Anyone remember what the price was when JP bought better than half of the London Exchange's copper in Dec.? over $4 ? I sure hope they took a loss.
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Valued Member
United States
425 Posts |
Copper has been $4 or above since the first of December 2010, dropping only the second week of Sept.
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Pillar of the Community
United States
3294 Posts |
I would report them to the Better Business Bereau
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Valued Member
United States
193 Posts |
The scrapper near me has an atm in the lobby of their office that only accpts the cards they issue. When you bring in a load of scrap the scale man gives you a reciept that you take to the office. Then the clerk rings you up and puts the amount on the debit card which you then take to their atm toget the cash.Kind of a unique system but I don't see the practicality of it unless it's for security reasons or perhaps just a customer convenience.
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Replies: 18 / Views: 2,637 |
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Posted 10/04/2011 6:13 pm
