Teck Resources(NYSE:TCK) and Freeport-McMoRan Copper & Gold (NYSE:FCX) fell today as jobless claims in the U.S., as expected by Commodity Surge, increased again, this time to about 500,000.
The other bad economic news was the manufacturing in the Philadelphia area dropped fro the first time in a year, according to the Federal Reserve.
With increasing confirmation the recession is continuing on, concerns over how that will impact demand for raw materials is putting downward pressure on commodity companies and miners.
The positive side for those miners with strong gold exposure is this will cause misguided politicians and governments, especially the U.S. government, to print more money and buy up its own debt, making gold an even stronger performer in the years ahead.
China has, and will continue to, be the major importer of most commodities. And they will determine much of how companies like Teck and Freeport will perform going forward.
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