| Author |
 Replies: 15 / Views: 115,965 |
|
|
Pillar of the Community
United States
2269 Posts |
As of this writing the current spot price for copper is $3.68. Over the last few days I have been interested in purchasing some 1 to 50 ounce copper bars. The lowest price I have seen for a 1 ounce copper bar is $2.00. I understand any precious metal will carry a premium. If you purchase a 1 ounce silver bar you can expect to spend 2 to 3 dollars or more for the minimum premium on each. If silver is currently trading at 30 dollars, one can expect to pay around $32.00 or slightly more dollars on each. When it comes to copper I am at a loss with the math. 16 ounces equal a pound and as of this writing copper is trading at $3.68 per pound. Technically an ounce of copper should be 23 cents. I have been searching ebay and other sites for a one ounce bar of copper, but the lowest price I can find is $2.00. If each ounce of copper was worth 2 dollars, then each pound of copper should be $32. Why is there there such a high premium for copper bars? I would like to own one, but by doing some basic math, I cannot bring myself to paying such a high premium. |
|
|
|
Bedrock of the Community
Australia
21786 Posts |
You are not very likely to corner the World demand for copper by buying it in 1 Oz. bars. World copper production in 2006 was over 15 million tons. Add to that all of the copper that is recycled.
Chile is the biggest producer of mined copper.
|
|
Valued Member
United States
385 Posts |
It's called business. Copper is being marketed as supposedly "poor man's silver" to drive the middleman's and manufacturing profits made from producing and selling these bars.
If I were you, i'd just hoard copper pennies, it's much more cost efficient. if you're rich, then getting a ryedale would make the process more quicker.
BUT
Copper is an industrial metal, and is not considered an investment metal/safe haven like goal. In 2008, during the recession, businesses were forced to slow down, thus alleviating the demand of copper which obviously brought the price down to just $1.00 to $1.50.
Just something to think about, if nations fail, then copper would not be a good thing to trade, well possibly after nations would start to get back on their feet again.
anyways, good luck! :)
|
|
Pillar of the Community
 United States
2269 Posts |
Even the larger quantity bars of copper are ridiculously high. I cannot understand why there is such a high premium on any size bar whether it be in the form of ounces or pounds.
|
|
Pillar of the Community
United States
2269 Posts |
Honestly due to my job I encounter 4 gauge copper wire on a regular basis, I was thinking of having those melted down into bar forms instead of purchasing new ones. Unfortunately, I cannot find anyone who can provide that service. You would think more people would have their copper melted down into bars instead of having buckets of copper wires or contactors.
|
|
Valued Member
United States
385 Posts |
Spider, it'd be best if you just hoard copper pennies, beside searching pennies for copper is very very fun and that copper is just a byproduct or bonus. They're easy to split up and barter just like silver dimes. Besides with their 95% copper content, they are sure ready to be used in industrial applications which would probably command higher prices since its an industrial metal of course. Personally, I was going to purchase copper bars myself to sell on ebay for profits in hopes of paying off my college tuition lol, but soon the markets going to get diluted as more people start to buy and prices get lowered just like the price of silver. The Apex of April last year just got hammered down due to an explosion of demand, I was hooked during the Apex back then and placed an order for 10oz of silver at 67 dollars an ounce on Amazon (I shouldn't have bought silver from Amazon). but yah, I hope I helped lol |
|
Pillar of the Community
United States
2269 Posts |
Silverdollar2011,
For the last two years I have been plucking out every pre 1982 Copper cent out of circulation. Unfortunately I have been finding less and less out there. I remember a time when they were quite abundant. It wasn't too many years ago. I have been thinking of picking up some rolls from the bank and taking out the copper cents.
|
|
Valued Member
United States
385 Posts |
hey spider, I've been sorting copper pennies myself, but unfortunately I dun have a car so I used to carry two boxes by back during my trips to the college campus (2 days a week). Rerolling them was a pain, so I had to coinstar which sucks due to teh fees. I'd say Nickel is beneficial during this time of international tensions. If you live near Canada, picking up a few boxes of nickels there and using a magnet to remove all of the modern ones for 1981-prior pure .999 (yes, they're amazing) nickels would be awesome, they're worth around 8 cents each right now. If you buy regular us boxes of nickels and store them somewhere safe, that's a great idea too since a box costs 100 bucks each its pretty affordable ehh? annddd anytime your bored, just crack a few open and search for those silver War Nickels to remind you why you're hoarding so many nickels lololol. Besides, it feels better to have your hard earnt dough in nickels than some numbers on a ATM that banks are able to manipulate. But be sure to put them somewhere safe and undisclosed though. |
|
Bedrock of the Community
Australia
21786 Posts |
If you are going to collect copper, collect copper wire; it's pure. For electrical work, it is useless unless it IS pure.
No refining costs, no assay costs, and if you collect it in scrap form, you can usually scavenge it for free. Roadside shopping is a good place to start.
I collected scrap copper wire as a kid, and that provided a very significant income to start my coin collection. As a 10 year old, I had MUCH more income than any of my friends, who had to rely on pocket money from their parents.
|
|
New Member
United States
8 Posts |
Provident Metals is selling 5000 copper penny bags for right about spot right now.
|
|
Valued Member
Canada
178 Posts |
You could also go to your local metal dealer and buy copper flat bar and buck it into lengths.
|
|
Pillar of the Community
United States
2224 Posts |
I've got stored under my desk right now about 40,000 little 3 to 3.1 gram copper rounds right now. They cost me all of 1 cent each, which is currently less than melt. I'd stay away from the one ounce bars.
|
|
Pillar of the Community
United States
4008 Posts |
Quote:
Why are 1-oz. copper bars so expensive? Because silly people are willing to over-pay by that much?  |
|
Pillar of the Community
United States
1454 Posts |
 There's your answer. When silver hits $100, some industrious fellow will begin selling 1 oz. bars of an even baser metal. Aluminum, zinc, or lead, perhaps? |
|
Pillar of the Community
United States
863 Posts |
what will you do with 40,000 little 3 gram silver bars?
|
|
Pillar of the Community
Canada
862 Posts |
this is a blowout sale today 5 lbs canadian pure copper 1 cent for $15. canada only
|
| |
Replies: 15 / Views: 115,965 |
|
Posted 05/09/2012 03:24 am
