copper still higher, page-18

I think that for the JP Morgans of this world paper copper is a lot cheaper.

They can get their hands on lots of copper futures with only a very small margin. And they can borrow that at zero procent at the Fed.

For us mere mortals copper in the ground is probably better. Copper - and all base metals actually - are still very cheap.

When calculated as a percentage of copper price the in the ground valuation is very low, especially if a copper company is compared to a gold company.