The Phaserl


Massive Short Squeeze in Copper

from Dan Norcini:

Copper had its single largest daily gain in over a year and a half in today’s session coming on the heels of the payrolls number. That, combined with stock drawdowns in both Shanghai and in the LME warehouses, sent shorts scrambling for cover. Once their buying tripped some key technical levels, the algorithms took over and bought everything in sight. The result – a gain of nearly 7% in a single day.

Drawdowns in copper stocks are notoriously unreliable signals however as some less-than-scrupulous players have in the past, simply bought copper, moved it out of the official warehouses and stuck it elsewhere all to give the idea that demand is robust. That allowed them to play the market from the long side claiming that supply was insufficient for current levels of demand.

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2 comments to Massive Short Squeeze in Copper

  • NaySayer

    I started stacking copper when a cent was worth 3.4 cents each of copper value. It has been taken down just like silver. When JP Morgue recently announced they were making a copper ETF then I knew they even feared copper as real money. Copper has been a part of money for thousands of years, just like silver and gold.

    Some of us here have posted that we stack copper (mostly pre oct. 1982 95% U.S. Copper Cents). When silver goes through the roof, which I believe it has to do when free market fundamentals re-assert themselves over central government/Bankster command economies, I believe that we will need a smaller type of real commodity money to make small purchases.

    The federal reserve has destroyed at least 97% of the dollar’s value since 1913. Old Timers where I live say you could get a loaf of bread for 5 cents and a pound of sausage for 3 cents back in the 30s. My father told me in the 30s he could watch cartoons all day at the local theatre, buy all kinds of popcorn, soda & candy too for the dime his dad would give him.

    I believe when all this hyperinflated crash comes, you will see the mother of all price deflation for those holding real commodity money. That means prices will go down down down in terms of gold/silver/copper which means that a few copper cents will probably buy a goodly amount of food (if you are lucky enough to be living in a region of the country where there is food for sale, such as in the midwest at farmer’s markets etc.)

  • Johnny

    I save all my nickels and pre-’82 pennies. I also have others doing the same for me (since they won’t do it for themselves). And sometimes I will trade paper for nickels at the bank. I have a good stack of both.

    It’s amazing how many people look at me like I have two heads when I try to explain this to them. If you thought they didn’t comprehend the importance of stacking precious metals, try talking to them about semi-precious metals like copper. Now they REALLY think you’re ready for the rubber room!

    Like the previous poster alluded, they won’t be laughing when the SHTF and that copper could be the difference between a full belly and one that’s growling to no end. And that’s putting it mildly.

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