Source: Michael Ballanger 03/14/2024
As the dust settles on the tumultuous year of 2020 and the subsequent market reshuffling of 2021, copper has emerged as a beacon of hope for investors. Renowned analyst Michael Ballanger of GGM Advisory Inc. sheds light on the current copper landscape and offers his insights into the market along with a selection of potential copper stock picks.
Spikes in Copper Prices Propel Freeport-McMoRan Inc. to New Heights
Yesterday morning witnessed a seismic surge in copper prices, breaching the formidable $4.00 per pound barrier. This meteoric rise catapulted Freeport-McMoRan Inc. (NYSE: FCX) to a fresh reaction high of $42.50, with the June $40 calls hitting $4.74.
The 52-week pinnacle at $44.70 now stands as mere foothills to the all-time zenith just above $50. Freeport-McMoRan’s extensive copper holdings, including the formidable Grasberg mine in Indonesia boasting the world’s largest copper and gold reserves, position it as a titanic force in the industry.
Copper and Gold: A Synchronized Symphony of Success
In an unprecedented orchestration, both copper and gold have orchestrated breakout performances in recent days, rendering FCX a chief protagonist in the unfolding metals saga of 2024.
- Breaking through minor resistance at $42
- Momentum building towards $44.70
- Setting sights on the grand milestone of $50
With a projected copper price surge to $6-8 per pound by year-end, the prospects for FCX appear exponentially brighter.
The Junior Copper Ensemble
Michael Ballanger’s list of promising junior copper entities includes:
- Fitzroy Minerals Inc. (OTC: FTZFF) at CA$0.19 / US$0.14
- American Eagle Gold Corp. (OTC: AMEGF) at CA$0.62 / US$0.46
- Sprott Junior Copper Miners ETF (NASDAQ: COPJ) at US$19.76
The recent transaction at $4.0393 per pound for copper signifies a critical breakthrough point, heralding the attainment of escape velocity in the industry.
Ensuring Transparency and Integrity
In the realm of investment, transparency is paramount. As such, it is imperative to acknowledge important disclosures:
- As of the date of this article, stakeholders at Streetwise Reports LLC are noted to possess securities of Fitzroy Minerals Inc. and American Eagle Gold Corp.
- Michael Ballanger reveals personal holdings in various firms mentioned. Declarations of economic ties and relationships underscore the commitment to integrity and accountability.
- It is vital to underscore that the opinions expressed are the author’s own and do not necessarily align with the viewpoint of Streetwise Reports or their affiliates.
- Readers are advised that the content should not be construed as investment guidance but rather as educational and informational material to aid in personal financial decision-making.
For full details on disclosures, direct your attention here.
Michael Ballanger’s declaration spotlights the imperative of informed decision-making in the financial realm.
Knowledge is power in the unpredictable landscape of investments. Remember, informed decisions pave the path to financial success.
