Freeport (NYSE:FCX) Goldman's (NYSE:GS) Best Way to Play Gold, Copper

Goldman Sachs (NYSE:GS) raised their gold and copper price projections for 2011, and chose Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX) as the best way to play the two.

For copper, Goldman raised their price projection for 2011 from $3.50 to $4.25 and for 2012 from $3.75 to $4.15.

For gold they raised their price projection for 2011 from $1,325 to $1,575 an ounce and for 2012 from $1,200 to $1,575 an ounce.

Also raised was their coal and zinc estimates, with coal increased to $229 for 2011 and $214 for 2012. Zinc was raised to $1.17 for 2011 and $1.10 for 2012.

Freeport-McMoRan Copper & Gold Inc. was trading at $116.35, up $0.15, or 0.13 percent, as of 11:45 AM EST.