Although prices are low across the board in all metals, timing is the most important consideration. These low prices may be attractive, however, there are no indications at this time to go along.
Recently a well-known hedge fund manager of a large position in FCX which as you likely know is at its lowest level in many months. It may be tempting to follow his lead and take a long-term position in FCX, however, unless you have the ability to leverage your cost down and to wait as long as necessary for the up move to develop, we recommend waiting for weekly buy triggers. Given the well-established historical tendency for precious metals rally at this time of the year we are focusing on daily by traders for possible recommendation.
We continue to track short-term trades in precious metals during the month of September through Daily Banana recommendations.