Copper, ONCE AGAIN, appears to have held the $3.00 level. Unbelievable...and this occurred in the context of a soaring US Dollar. I would not be shorting this guy right now.
Surf - I know, I know....I remember how wild the copper market was back then....with huge swings over a couple of months. Now....it's pretty much dead as the big move has been made. The only possibility for changing that situation is expanded central bank money creation. I mean if that puts us into a hyperflationary environment, copper could go over $4 once again.
Gold now firmly above $1200....and the Fed PUTS have once again become cheap. Copper will remain in a trading range until the inevitable: hyperinflation or deflation.
3 dollar level appears to have held once again. Wow, SOMEONE out there does not want this to go below $3.
So, it finally, FINALLY broke $3.0. All I can say is that this market really trys one's patience !!! So how low do we go ?
I know. About friggin' time. Maybe breaks -10 to 15%. I don't see a massive 2008 style break. China lowered interest rates recently, and may lower again.