RE:Where's the Bottom?
Metals jumped on inflation last year. Money was made this year on the higher prices. What comes next is the inflation of costs to miners; labor, energy, materials, equipment. So with higher prices for payable metals, that doesn't necessarily mean higher profits when the AISC is calculated. The profits this year were fantastic for many miners, but next year may not be as stellar. Timing is always difficult. I congratulate those who are able to briefly surf one mining stock after another to capture huge gains. But for most of us, we have to accept the risk of going long & believe that our gains of a few will offset the cost of the many that did not perform. 40 years of investing has taught me I dont know the future & neither does anyone else. The large investors are playing a different game than retail investors. They have access to proprietary data that we dont or they are creating their own data using their intelligence in the field. It is good enough for me to meet my yearly goal & applaud those that took high risks & timed the market perfectly. You make a lot of good points about the nature of resource investing.