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April 16, 2009

The Copper Standard

As industrial and construction activity falters world wide, person-hole covers of Toronto are no longer vanishing into the aetheric plane we call China but the Chinese are still buying copper and much else besides.

Nobu Su, head of Taiwan's TMT group, which ships commodities to China, said Beijing is trying to extricate itself from dollar dependency as fast as it can.

"China has woken up. The West is a black hole with all this money being printed. The Chinese are buying raw materials because it is a much better way to use their $1.9 trillion of reserves. They get ten times the impact, and can cover their infrastructure for 50 years. The next industrial revolution is going to be led by hybrid cars, and that needs copper. You can see the subtle way that China is moving into 30 or 40 countries with resources," he said.

The SRB has also been accumulating aluminium, zinc, nickel, and rarer metals such as titanium, indium (thin-film technology), rhodium (catalytic converters) and praseodymium (glass).

Stop trying to get rid of those pennies. Your pocket change might be worth something.

Posted by Ghost of a flea at April 16, 2009 06:57 AM

Comments

US cents made in 1983 or later are zinc with a thin copper plating, only 2.5% of the coin. I think Canada continued mostly copper cents until 1991.

Posted by: Ed Flinn [TypeKey Profile Page] at April 16, 2009 08:52 AM