RE: $ 9 billion message to gold and silver The momentum crowd has been running up gold and silver based on superficial beliefs about QE3. This group of investors is not known for deep study or paying heed to rigorous analysis. Now a major player in the metals business is sending a signal loud and clear that gold and silver prices are not about to skyrocket.
Freeport-McMoRan Copper and Gold Inc. /quotes/zigman/154700/quotes/nls/fcxFCX-4.63%is spending $9 billion not to buy another metal company, but to diversify into energy.