article about worlds largest Copper producing mine (for all you Copper CRHers)

[TheRockDoc]

article about world's largest Copper producing mine (for all you Copper CRH'ers)

I just read an interesting story about the world's largest copper mine having a very hard time keeping up with global demand in 2011. The Escondida copper mine's production is down 23% during the same period in 2010. This on top of rising global demand will have a pretty obvious impact on copper prices I imagine. Im sure this isnt news to some of you. However for myself, I have really always downplayed the value of copper. It has been very difficult for me to think to myself that it is worth saving, or stocking up on copper now to capitolize on growth and appreciation down the road. I think it is time to change my perspective, and start stocking up while it is virtually free (relatively speaking). I think all of you guys who are culling those copper penny's while it is easy pickins now must be on to something. Any thoughts on what is next? I am thinking Zinc nickels, I guess they cost more than six cents to make at this point? I cant see that lasting much longer
Also, for some of you "more life expirienced-folks" Where was the "fiat" to "metal content" value of silver coinage back in 1964 before they replaced it with metals that were virtually worthless at the time? Did they wait until silver was worth more than the coinage it represented to eliminate it? Or did they see it coming years in advance and pull the old swithcherooo due to GREED?

Thanks, I will try not to be so "wordy" next time.


Chris.

 

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[Gilmore Happy]

Re: article about world's largest Copper producing mine (for all you Copper CRH'ers)

Awesome post man, I will be waiting for the veterans to chime in on the pre 1964 silver days and how it all went down. I have copper pennies, and a ton of overpriced "bullion" that I am itching to sell. Maybe hold on for a bit...it has been creeping up the last month.

 

[ImpurestStewart]

Re: article about world's largest Copper producing mine (for all you Copper CRH'ers)

1964 is the last year they put silver in coins...but, They continued minting silver "1964" coins into 1965-1967. Just an odd tidbit of info. The reason for this was to make sure there was enough clad coinage in circulation before they took silver completely out.

 

[Piledriver]

Re: article about world's largest Copper producing mine (for all you Copper CRH'ers)

I was born in '56, so I was not very much into politics in '64.

However, my opinion is that switching from silver to copper-zinc was a first step to cut the tie between money and valuable metal. The break between the dollar and gold/silver followed after.

 

[RP4L]

Re: article about world's largest Copper producing mine (for all you Copper CRH'ers)

Did they wait until silver was worth more than the coinage it represented to eliminate it?

The spot price of silver in 1963 was $1.29 -- effectively matching the value of silver in a coin (a dime was now worth 10¢ in silver). Same deal with copper pennies (the value of a copper penny started to exceed 1¢). Nickels will probably be replaced eventually.

Generally speaking, I have no interest in saving US coins for their industrial metal value. I'd rather put it into PMs.

 

[legend76]

Re: article about world's largest Copper producing mine (for all you Copper CRH'ers)

1964 is the last year they put silver in coins...but, They continued minting silver "1964" coins into 1965-1967. Just an odd tidbit of info. The reason for this was to make sure there was enough clad coinage in circulation before they took silver completely out.

I didn't really know that, but, here's what I found:

In 1964 a coin shortage had arisen due to hoarding of uncirculated coins by investors, plus the belief (legitimate, as it turned out) that the $1.29 per ounce price of silver was about to rise, making silver coins worth more as metal than as money. Add to this the ill-timed decision to change the half dollar from Franklin to Kennedy. The 1964 Kennedy half, although heavily minted, was virtually impossible to find in change and commanded absurd premiums from people who were acquiring anything related to the recently assassinated President.



The government's solution was to freeze the 1964 date on coins while production continued in 1965. This made 1964 too plentiful to be worth saving while not providing 1965 coins that would otherwise be hoarded. It wasn't until late in 1965, when silver was removed from dimes and quarters and reduced in halves, that the date was finally changed to 1965 (and left as so until the following August to allow time to mint sufficient quantities of 1965 coins). Mint marks were suspended in 1965 as well to reduce the number of different collectible coins and didn't resume until 1968.

http://twilightzonewor.9.forumer.co...08ab00963f535b70ecce2c5f8&showtopic=2185&st=0

 

[legend76]

Re: article about world's largest Copper producing mine (for all you Copper CRH'ers)

And to comment on the OP thread, I believe we are seeing the same thing now, with copper, that occurred in the mid 60's. Sure Cu won't be $40/oz anytime soon, but the price should definately rise. Plus, you can always get 1 cent for them if it doesn't.

HH,
Legend

 

[brendan1414]

Re: article about world's largest Copper producing mine (for all you Copper CRH'ers)

I just read an interesting story about the world's largest copper mine having a very hard time keeping up with global demand in 2011. The Escondida copper mine's production is down 23% during the same period in 2010. This on top of rising global demand will have a pretty obvious impact on copper prices I imagine. Im sure this isnt news to some of you. However for myself, I have really always downplayed the value of copper. It has been very difficult for me to think to myself that it is worth saving, or stocking up on copper now to capitolize on growth and appreciation down the road. I think it is time to change my perspective, and start stocking up while it is virtually free (relatively speaking). I think all of you guys who are culling those copper penny's while it is easy pickins now must be on to something. Any thoughts on what is next? I am thinking Zinc nickels, I guess they cost more than six cents to make at this point? I cant see that lasting much longer
Also, for some of you "more life expirienced-folks" Where was the "fiat" to "metal content" value of silver coinage back in 1964 before they replaced it with metals that were virtually worthless at the time? Did they wait until silver was worth more than the coinage it represented to eliminate it? Or did they see it coming years in advance and pull the old swithcherooo due to GREED?

Thanks, I will try not to be so "wordy" next time.


Chris.

Nickels never had zinc in them, but a mix of 75% copper and 25% nickel. still worth 6 cents like you said

 

[mleblanc138]

Re: article about world's largest Copper producing mine (for all you Copper CRH'ers)

He means that the US Mint may very well switch Nickels to a mostly Zinc composition in the near future. Or perhaps mostly Steel like Canada did in the early 2000s.

 

[underdogger]

Re: article about world's largest Copper producing mine (for all you Copper CRH'ers)

A long time ago . The early 70's, I do not know if it was foresight or just the love of wheat pennies. I just knew it was a cheap way to collect vintage coins . 30 +years has given me quite the organized mass of wheats. sorted by rolled dates . I guess all that Idle time paid off.