copper 3-year chart, breakout (implicatns for gold miners)
stockcharts.com[h,a]waclyyay[df][pb50!d20,2!f][vc60][iUb14!Uh15,5,5]&pref=G
we have a bullish ascending triangle, with breakout this summer
the triangle took form since summer 2002 to summer 2003
the top was 79, with impulse low of 66 in October 2002
another intermediate impulse low of 72 in May 2003
target is 79 + 13 = 92
current price is around 83
implications for gold miners are big, but not universal
many mines have mineralization of copper iron oxide gold (CIOG)
where they do, the copper byproduct price is critical
copper has often been labeled as "industrial gold"
many uses in electronics, house and office wiring, etc
it is important to watch copper when investing in gold
silver, on the other hand, usually has byproducts of lead and zinc in its mineralizations
/ jim |
