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Freeport-McMoRan Inc. Message Board

  • joeyjig001 joeyjig001 Apr 15, 2013 10:19 PM Flag

    Picked Up 4500

     

    Hedged at 30 April calls 45 at .49
    POP POP POP

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    • Why the divergence today between FCX price action and gold price action? They correlated yesterday.

      • 1 Reply to cornbeef5
      • First, China: The new basis in China is in place, it is purchasing copper in significantly large and constant quantities that total sales will continue to drastically apex sales of just 5 years ago. What difference does a quarterly % increase make, when it is still higher in total volume? None, the new basis levels for years to come are at peak production quantities and prices are stable as the total demand is NOT decreased in any way - in fact, just the opposite.

        Second, Market overreaction is certain. 80% of FCX is copper, and gold was only down only 3.5% in futures trades yesterday alone. Thus the math does not support this overreaction to perceptions. 20% of 3.5 = .07% of the production value of gold as a % of miner assets. Also, gold is one commodity that FCX really doesn't need to sell. It is an asset. If the dollar is strong, then the asset must be compared to the purchase power. The whole market down today. No new news than last week.

        Third. FCX is diversified and will soon be getting O&G revenue to add to the mix plus the GOM deep water sub salt production. A strong dollar only enhances that asset, and that asset is not yet on FCX books, making the Gold fractional decrease even more insignificant going forward. BUY.

        Sentiment: Strong Buy

    • I did some May 28/30 call spreads for a debit of 1.15
      The opening gap is almost filled.
      Still a bit cautious since FCX is on the same track as GLD.

 
FCX
37.71-0.84(-2.18%)11:54 AMEDT

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