Any thoughts on the rout in copper? I know a lot of the narrative is going to be about demand from China but what do people think about the general outlook? A cheap entry level or catching a falling knife?
$FCX has slid badly, and I would not touch it until I saw some signs of life with this and $BTU. I would think coal would pick itself up from the floor since Japan had shut all its nuclear reactors. (One has just been authorized to return to service.) Re $GLD, I look to James Rickards' opinions. A recent item was mentioned on the board that suggested China was accumulating gold to muck around with the IMF power structure, and a recent CNBC piece suggested the Australian gold miners may afford some safety in the poor market, I figure a weaker dollar will help $GLD, but when? No idea about $SLV at the moment, but at ~$14 I can't how it can be profitable to mine. I would be watching http://www.kitco.com/ as a possible indicator of $GLD and $SLV market life, I for one won't be entering any new positions in these four bad boys, but that's me. HTH. YMMV,
I think waiting for signs of life could well be the story at the moment. We have to keep watching what's going on in China. And given that the market was off 8.5% today you do have to wonder how things are going to play out.
Might not be a bad time to start buying in small amounts if you're thinking longer term and won't need to cash out anytime soon. But if you're thinking short term, your guess is as good as mine.
I bought some silver coins when it was trading at 15.25, because I head it was already at historic lows. It's gone lower. Today it's at 14.72. It's pretty disconcerting with oil being below $50/barrel (huh?), and commodities like cooper at historic lows. Then you got Greek debt drama, Puerto Rican debt drama, and Chinese stock market uncertainty. Something is rotten in the state of Denmark, as they say. Maybe my silver coins will have value again if/when the global economy tanks...
Yeah, playing the long game could pay off in this environment. That's where the money is made. We're never going to be able to call the bottom. But for me as long as I feel that we're close enough to a bottom (and I have a long enough timeline to be wrong with that guess), I think there could be some value.
Not too long ago people were talking about "the decade of the resource investor" and crackheads were going great lengths to steal copper. It's interesting to see how things move in directions no one ever expects. Imagine anyone who was shorting these a few years ago at there highs. Might be a good time to get back in for the long haul, I'm just having fun watching where all this is going.
I occasionally hear about someone getting electrocuted trying to steal copper from buildings. I saw on the news not long ago that a guy I went to HS with who was a pretty rough character got caught trying to steal some.
It is certainly starting to look like this could be a good time to initiate a small position. Long time lows are usually a pretty good entry spot if you are investing for the long term. However I don't understand enough about copper as a commodity to even consider investing in it, so I'll have to skip this one.
I'm looking for gold and silver to go down more. Then I will buy them for long term investing purpose.