Frivolous Franks's Stupid Copper Bet! Even years ago it was widely known that copper was very common and there were a lot of places that it could be mined cheaply - including some just a few hundred miles away from Stillwater, Montana. Check out NCQ and a host of others. They even are opening old copper mines in Northern Michigan that have existing infrastructure. Why, o why would anyone in their right mind look to mine copper in the middle of nowhere in South America and in a country, Argentina, with such a hostile socialist government?
And the future for copper is very dim as China cuts back and massive new cheap suppliers come on line. Frank should get the chop for Argentina ALONE!
From the wires 03/25/13:
"Hedge funds are making the biggest bet against copper on record as global inventories expand to a nine-year high, while concern that Europe’s debt crisis will spread spurred the biggest gain in gold bets since 2008.
Speculators raised net-short positions in U.S. copper futures and options by 53 percent to 25,719 contracts in the week ended March 19, according to Commodity Futures Trading Commission data that begins in 2006. A jump in bullish bets on corn, gold and natural gas boosted overall holdings across 18 raw materials for a second"