Is Copper Upstaging Gold?
| 15 December 2011
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“…copper is the new gold. The long-term prospects for base metals looks good," says Managing Director of Gold Matrix Resources, Pinaki Rath.
Copper has become the forgotten precious metal; however, this metal is helping the progression of the economy. An overlooked commodity, copper is used in today’s currency – U.S. coins are 92% copper while 8% nickel.
Although gold is seen as history’s “real money”, some are considering copper as it positions itself to surpass gold.
According to Mineweb in their 2011 article, Has copper become the new gold, the number one billion producer, Barrick Gold Corporation, made a $7.68 billion offer to Equinox to battle for the copper miner.
This move signals the shift from near-pure gold to the humbled copper mining company. This shift shines a positive light for industrial metals making improvements to the global economy.
Since 1900, copper has grown at an average rate of 4% every year. The growing commodity has still not quite reached the seductive and mystical gold potential.
Gold may still be seen as mystical and seductive; however, copper is foreseen to take off high. China and India are both looking towards copper as their element for electricity and infrastructure modernization.
Don’t underestimate copper in the economy. Will you just watch it take off or be a part of the growing commodity by selling, buying, or holding. According to experts, now is the time to diversify and choose copper, the element with a strong long-term outlook.
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