Let's not forget that the copper market is cyclical.  That's why I mentioned the history of prices in a posting here yesterday - 25 cents per pound down to 4.8 around the time of the Great Depression.

I am not saying this to throw cold water on the enthusiasm here for copper in general.  The excitement is warranted.  But market conditions may prove almost irrelevant if initial drilling at Hay Mountain proves our expectations. 

Why? 

Bisbee-like grades should bring on a bidding war of historic proportions as major producers look for insurance against an inevitable global recession that could damage them for a decade (if they survive).  

Capisce?