$9 BILLION MESSAGE FOR GOLD AND SILVER $GLD $SLV $FCX $GDX $GDXJ $PAAS $HL $CDE $EGO $KGC
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. FCX is spending $9 billion not to buy another metal company, but to diversify into energy.
Proven reserves of Freeport include 33.9 million ounces of gold, 330.3 million ounces of silver, 119.7 billion pounds of copper, 3.42 billion pounds of molybdenum, and 0.86 billion pounds of cobalt.… Please click here or the title below to read more.
December 6, 2012