Yes, A Lower-Priced iPhone Is In The Works And Expected This July

White has been touring Asia for the last two weeks passing along all the gossip he's hearing. We would be hesitant to characterize any of it as much more than gossip. Supply chain sources can be fickle, and inaccurate. But it's still fun to hear what's being talked about.

That said, the cheap-iPhone has been rumored for a long time, and numerous analysts and reporters have all said it's coming this year.

"Yes, A Lower-Priced iPhone is in the Works and Expected This July. At the China trade show, we had the opportunity to interact with various suppliers and vendors, including those working with Apple," says White. "Our general takeaway around Apple is that a lower-priced iPhone and the iPhone 5S will be announced together in June and launched in July."

He expects it to have a screen that's the same size as the iPhone 5. But, he expects it to have a curved plastic backing made out of colored plastic.

He's anticipating a price point of $400, which isn't all that low-cost, but would help with Apple's margins. The normal iPhone is costs $650 and up.