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04:34 AM
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GETTING CLOSE TO BREAK-EVEN: SILVER & U.S. COPPER INVENTORIES PLUMMET
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[quote:Anonymous Coward 29202097:MV8yMDcyNjU0XzM0ODgzNzgwX0Q2Mjg3Njkz] http://www.coinflation.com/coins/1909-1982-Lincoln-Cent-Penny-Value.html [/quote]
Original Message
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link to www.silverdoctors.com
]
However, in this past quarter we can see the damage to the balance sheets as the miners received about $8.00 less an ounce for silver in Q3 2012 than the same quarter last year. Total income declined to $895 million even though the overall production was a million oz more. Furthermore, we can see that net incomes have plummeted 78% to only $53 million…. a mere 6% of total revenues.
The next chart really shows just how bad the situation is becoming in copper inventories in the United States.
check out the charts in link:
In just eight months, the U.S. LME copper inventories are down nearly 60%. Even though it has the LME listed on the table, these are copper inventories located in the U.S. Most of the decline of copper inventories are not due to exports, but rather domestic consumption.
Looks like the price of copper won’t be falling all that much any time soon.
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