Long FCX on support

13 Sep 2016

Long FCX on strong daily support at $10. Long term FCX has enormous upside with its goldmine and copper mine interests. The value of its gold reserves alone tops $25 Billion (it has a large share in the worlds largest gold mine in Indonesia). As long as the company can continue to restructure and pay down some of its debt its long term prospects are 3x current valuations. I look for a stop at $9.00 with reentry on large dips below that level. I don't have a price target below $20, but rather see this as a long term buy and hold (I recommend trading around the long position on volatility). If you follow my 10000 USD base account recommendations I advise a 200 share long position at 10.05.