Don't go getting excited for $4.00 a pound just yet. We have three things working against us.
1. China is either heading into a recession or is already there. They lie like a rug anyhow so who really knows.
2. A new nation in the EU goes insolvent every month and no one knows how much longer the Germans can keep them propped up.
3. Speculators and mutual funds are profit taking when the price hits 3.90 or so. Not sure why this is their magic number but it seems to be.
You could even add the downward trend in U.S. jobs to the mix. Put all this together and you get $3.70-$3.80 average price.
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