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Gold/Mining/Energy : Precious and Base Metal Investing
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To: Condor who wrote (36510)12/2/2005 11:41:57 AM
From: TheSlowLane  Read Replies (1) of 39344
 
I understand. It's just that I've seen "the top" called at 1.40, 1.50, 1.60, 1.80 and so on. And always by those who have been watching it from the sidelines. So...whatever. Last year at the BMO Conference, Phelps Dodge was telling analysts to use .85/lb copper for their earnings forecasts. Copper was trading at 1.40 at the time. An hour later, Coxe gave the lunchtime keynote. He was asked what price should be used for copper in earnings forecasts. Coxe replied that as long as we could avoid recession, that he recommended using $2/lb. The PD guys slammed their cutlery down and stomped out of the room. After all, who should know the business better than them?
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