Hello,im investing in silver.But when i look at copper i wonder if that's going to go up like silver did,A while back silver was 3 dollars an oz,gold was 30 a long time ago.Do you think copper will do some thing similar?I mean i have a hard time believing because copper is so widely used,but every one thought investing in gold and silver back then was silly,people who did made a fortune.So whats the probability that copper will go up sharply?I have some copper and i was wondering if i should sell it at the scrap yard or save it,Thanks.
honestly , golds value is loosely based on the price of oil in the middle east so when the price of oil rose so did the value of gold, silver used to have a formula to tell you how much it was valued at by the price of gold. so when gas prices rose so did gold and so forth with silver. copper is a metal that doesn't get its value from anything important enough as the price of crude oil so i doubt its prices will sky rocket but as the american dollars value decreases on the global market it will be valued higher then before so metals retain its value, american currency does not...
Gold and silver are precious metals with some industrial usage. Copper is a 100% industrial metal. It is sold by the ton. Not rare. Never going to be rare. Gold: $1658 per ounce Copper: $3.65 per pound To invest the same amount as 1 ounce of gold requires 454 pounds of copper. Think about storage space, shipping costs, insurance. Investing small amounts in copper bars is pretty much a scam - high prices, wide bid/ask spreads, and silly hype.
China is the driving force for copper prices. They use huge amounts in their industries. But right now they have a large supply on hand but continue to buy. Copper will never appreciate like gold, there is still huge amount available in South America and Africa that have yet to be mined. The best you could hope for is a several dollar price rise over the next 6 months.You would need to hold tons of the stuff to make any real money. The price this year has ranged from about $3.80 to the present price of $3.65 a pound. Sell it/
