Just imagine if gasoline cost $20 a gallon. You’d start by cutting your driving in half. Then you’d almost never go out to restaurants, because food would become so expensive. You’d probably pull the old bike out of the closet. America would scream bloody murder and lynch the CEO of ExxonMobil.

“Being rich is bad,” declares Venezuela’s president. But someone’s forgotten to tell his people. Because this place isn’t some dour socialist paradise… you can see the money everywhere!

The base metals were nearly all in the red on Thursday. Copper traded beyond $3.98 in the pre-dawn hours but it was downhill from there during the trading day with each push higher knocked down into a finish at $3.9162/lb., down more than 2 cents.

Why are we only just hearing about Ecuador? Isabel and I think it must be down to that age-old maxim that good news doesn’t sell newspapers. A really shocking thing has just happened to miners in Ecuador and suddenly there’s information all over! The government has revoked mining concessions!

The base metals were primarily in the red on Wednesday.

The base metals were all in positive territory on Tuesday. Copper started up in the pre-dawn hours and rose straight through to late morning, coming just off its intraday high late to finish at $3.9782/lb., up 6 cents.

The base metals were all mired in the red on Monday. Copper retreated some more from the $4 level, falling from the pre-dawn hours straight through to late morning, then coming just off its intraday lows to finish at $3.918/lb., down 3 1/3 cents from Friday.

Concerns about the U.S. economic slowdown are starting to blunt some of the optimism surrounding Latin American economies.

The base metals were mixed on Friday. Copper pushed above the $4 level in the pre-dawn hours, but once again was unable to hold there, as it fell sharply through the first hour of the New York session, but then came off its lows to finish at $3.9512/lb., down less than 2 cents.

The base metals were all solidly in positive territory on Wednesday. Copper took off in the pre-dawn hours, and gained straight through the day, only coming off its intraday high late in the morning to finish at $4.0065/lb., up 9 1/3 cents.