Wednesday, October 29, 2008

Gotta love base metals this morning

Copper up 7% and back over $2. Nickel, zinc and lead all up at least 7%, too. Hopefully when I get round to writing a trading post later today there will be plenty of double-figure greens to choose from. Yesterday I wondered if the recent sub $1.80/lb prices for copper had marked the bottom. Well, it's looking more and more likely, is it not?

Meanwhile, precious metals are not being left behind in this, with gold up 2.2% at $760 and silver nearly 6% up. Love is all around. Looks like the stopped clocks that get published at kitco can bask in some glory for once........

As for me...hmm...might just pick up a few bargains myself today. Nothing wrong in joining in on a bit of euphoria (as long as the timing isn't too wayward). However, it's worth remembering that gold has a tradition of getting sold hard into and out of a Fed rates decision. Keep that one as a caveat on any ST trading plans.