On copper, again...
Quick gander at a chart shows prior highs, back in 2018, around $3.30... A line drawn across the chart there suggests that the prior highs are now the new lows...
Whether that is true or not is a useful question... and, it remains to be seen... as I suspect we're no where near making bottoms in the current economic cycle, rather than "mid decline" at best... and perhaps only still skirting around the upper rim of the abyss, if events unfold in a way that delivers a proof of a less than Panglossian outcome.
I'm shocked, frankly, that I've seen no comments at all... maybe not looking in the right places... re Biden's recent schtick on the economy being "strong as hell"...
Hell, at least, seems it is an apt enough descriptor and a proper point of departure from which to make a comparison ? The relative strength of hell versus the economy we do have to consider in making a comparison... still seems it would be hard to judge in any useful way.
Should we be looking to make it even more hellishly strong ?
Hmmm.
But, copper at $3.30ish begs the question of how much of that headline price accounts properly for the near doubling of prices inflicted by inflation in the same period. So, $3.30 is really $1.65 in less inflated 2018 dollars... versus the March 15, 2020 low of $2.20 in post-Covid diluted dollars ?
Even with interest rates nearing 8% on the typical mortgage, these days... people still seem unable to understand the basic math that accelerating inflation imposes as a requirement in parsing current and future values relative to the outdated metrics in relative value that charts portray without inflation adjustment applied.
All just gets me back to the same place as prior post, if by a different path...
I don't think the economy has come close to bottoming, yet... won't for some time... so, that still giving me no reason to want to sail along on sinking ships...
But, the financial and economic issues are not what is driving things now... rather than the political...
So, reasonable to wait and see how the next election and WW III play out before thinking it useful to hazard any guesses on outcomes, or the new time lines in some new reality that we're not yet able to see clearly ? |
