Despite the nearly unquenchable appetite for industrial metals like copper and the PGMs from China developing economies in the East over the last few years, metal prices have really taken a hit this year. Demand is starting to slow down, causing spot prices to finally cool off a bit.
As one economist put it, now that the “tide is going out,” prices on all metals – gold, silver, platinum, palladium, aluminum, iron ore and, of course, copper – have seen a decline this year.
For investors, current low prices may be the perfect opportunity to start or continue diversifying your assets with bullion – especially copper, which has just been named the official state metal of Arizona.
Per a bill that went into effect on July 3, Arizona now formally recognizes copper as its official state metal and one of the state’s five economic “C’s – which also includes climate, citrus, cattle and cotton.
Senate Bill 1441, signed by Governor Doug Ducey back in March, was introduced by – of all people – the fourth grade class of Copper Creek Elementary School in Tucson. Teacher Ms. Royer was apparently talking to her students about state symbols when the class determined that it was high time for Arizona to adopt a state metal. They reached out to their state senator and the rest, as they say, is history.
Considering Arizona’s long history with copper mining, the suggestion made sense and quickly garnered support from state officials. With the bill unanimously passed, a special exhibit in the state’s Copper Art Museum is being created.
“My, they are on top of it,” said Mayor Lew Currier of Jerome, a town sitting over what once was the largest copper mine in Arizona. “All of our copper has already been mined. They can do whatever they want with it now.”
Arizona has been producing copper since the 19th century and was the leading copper-producing state in the U.S. in 2006, churning out a record $5 billion in copper according to the Arizona Mining Association. Still today, the mining industry injects billions of dollars into the state economy and provides more than 50,000 jobs. In fact, 65% of all U.S. copper production comes from Arizona mines.
Who knew an “official state metal” was even a thing, right? Regardless, copper clearly deserves the recognition from Arizona and we think it’s yet one more incentive to owning copper bullion.
Celebrate copper’s promotion to Arizona’s official state metal by shopping premium-grade copper bullion rounds, bullets and bars in the Provident Metals online store. There you can also take a look at our inventory of gold and silver bullion, platinum and palladium products, numismatic coins and more!