1 Billion tons of Copper ??
Groiny
Posts: 399
I was researching Chili's huge copper mine's ;
output
projected to be nearly a billion tons this year !
Good God ! what is that .......? like a Trillion ounces ?
and I see people buying it by the troy lb on ebay for around 10$ .
my point is I guess ......., that that's a sheet load of copper being produced ;
and I just bought another $ 50,000.00 worth
output
projected to be nearly a billion tons this year !
Good God ! what is that .......? like a Trillion ounces ?
and I see people buying it by the troy lb on ebay for around 10$ .
my point is I guess ......., that that's a sheet load of copper being produced ;
and I just bought another $ 50,000.00 worth
0
Comments
Where are you going to put that much or are you opening a mint to profit even more making
rounds and bars for Ebay?
lol
bob
Yet copper os still about $4.50 per pound so I guess they have 9T in copper?
Sounds wrong to me.
but around two weeks ago , I invested ( this is 401K money
two days later , gold had fallen some 45$ per oz !
I jumped out of that , and embraced copper
...............but comprehending trillions and trillions of ounces is un nerving
Now granted, that was 5 years ago, but there is a HUGE difference between 5 million tons, and a billion tons. I seriously doubt that Chile has ramped up its output by a factor of 200x in the past 5 years. Im therefore calling BS on the OP's claim of Chile's expected output of 1 billion tons this year. Your source please?
<< <i>my first choice was gold/silver ;
but around two weeks ago , I invested ( this is 401K money
two days later , gold had fallen some 45$ per oz !
I jumped out of that , and embraced copper
...............but comprehending trillions and trillions of ounces is un nerving >>
I hope you realize that $1500 gold falling $45 is IDENTICAL to $4.36 copper falling 13 cents.
So that begs the question: If copper falls by some 13 cents in 2 days, will you be jumping out of that too?
Their largest mines put out around 1-2 BILL pounds per yr.
The world's largest miners are about 3X to 5X the market cap of Freeport.
roadrunner
<< <i>A large copper/gold/moly mining company like Freeport McMoran sells approx 4 BILL pounds of copper per year. Reserves are listed at around 120 BILL pounds.
Their largest mines put out around 1-2 BILL pounds per yr.
OP's numbers make sense with pounds substituted for tons.
roadrunner >>
Even if it was 1 billion pounds, thats way short of Chile's copper production of about 5 million tons. 5 million tons is 10 billion pounds.
So by my math, the OP has either overshot by a factor of 200x, or undershot by a factor of 10x. UNLESS he is talking about Chile's largest "single" mine, which could produce 1 billion POUNDS as you stated RR. But the way his opening post reads, it sort of implies the aggregate of Chile's output.
<< <i>my first choice was gold/silver ;
but around two weeks ago , I invested ( this is 401K money
two days later , gold had fallen some 45$ per oz !
I jumped out of that , and embraced copper
...............but comprehending trillions and trillions of ounces is un nerving >>
You're lucky to have access to such investing vehicles in your 401K. Most plans are limited to a handful of mutual fund choices.
You can always send a suggestion up the chain to human resources and suggest additional options in your plans. With how much the economy has
has changed over the past 10 yrs these plans need to give other options to their employees other than long stock indicies or funds, long bonds, or "stable value" funds.
Enough people solicited our company's HR dept that we got a change were the 401K could be 50% in anything bought/sold on the major stock exchanges. That change
occurred in 2006 and came in handy in diversifying into PM stocks, commodities, etc. And if you want to pick a short ETF you should have that option as well.
roadrunner