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Eye on FCX as Precious Metals Shine


Increasingly, my near-term work is bullish on Freeport McMoran Copper & Gold (NYSE: FCX) as it moves in a sideways triangular consolidation.  If the sharp upmove in the precious metals is for real, FCX must participate. If it fails to climb with gold and silver continuing to strengthen, then I will view its divergence as a major warning signal about the miners as well as the underlying upmove in the bullion.

The attached chart shows the FCX is lagging the iShares Silver Trust (SLV), Silver Wheaton (SLW), and the SPDR Gold Shares  (GLD) at this point, and has some catching up to do if the precious metals rally has legs.

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