Metals Update: Gold, Silver, Copper SLW FCX

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Gold rose over 2% to three-week highs on Tuesday as weak U.S. jobs figures raised expectations the Federal Reserve will continue into next year its massive stimulus program that has bolstered bullion prices.

ITZ noted Gold was heading higher back in September READ

Taking A Position In This Copper Stock

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ITZ suggests entering this copper play Freeport McMoran (FCX). ITZ is entering a 1/2 position $39.75 with a $37 STOP, looking to add to position- once copper breaks above $4.00.

Past ITZ Posts

Freeport McMoran (FCX)

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Freeport McMoran (FCX) & Copper; Expect a Pullback

One of my July "Itz Stock Pix" Freeport McMoran (FCX) is up +46% in 5 weeks as copper prices continue to climb. I've been pointing out that caution us warranted, valuations on FCX are extended here, trading at 17xs S&P earnings estimates of $3.85 for '10. That said continued decline in the dollar could drive copper prices higher. I expect a pullback in the stock near term, but longer term to climb further.

VIDEO: Carter Worth on CNBC discusses FCX ~link~

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Hedge Fund Manager Paulson Buying GOLD

Hedge fund manager John Paulson, who made billions betting against financials over the last 2 years, has been reported to be not only buying bank stocks BUT gold stock too. ~read~

Fed Helps Gold Rally: From thestreet.com Brian Hicks, co-manager of the Global Resources Fund, is still bullish on gold and says the Fed's interest rate decision and economic outlook will help gold hit $1,000.

As I've been blogging over the past several weeks...I believe gold is set to break to the upside. My July suggestions [Itz Stock Pix] are up substantially...AUY,HL AA,& FCX.

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