Ann: Extension of Voluntary Suspension, page-14

the problem with that is you dont know how deep a crash will be allowed to happen before QE money floodgates are opened (only insider traders in govt/banking will know where the boittom is in real time). in any event gold will run before copper if that is about to happen. its a real 50/50 on whether copper has bottomed or not, and you cant quantify it by market dynamics.. its completely at the mercy of QE timing.

to that extent i wouldnt value the company based on potential moves in copper price, rather in actual price with room for the company to weather downside would be a more prudent position. undoubtedly there are massive shortages in many metals going forward.. timing the entry is difficult, if it is in a top quartile of profitability.. then you can weather storms and worry less about the exact timing, the narrower the profit margin the more critical the timing of the market.