RE:RE:RE:RE:RE:Not going anywhere soonWhat makes you so sure commodities will turn around within three years? These cycles can be very long and very deep: for instance 1980-2000. There were rallies in between, but it was a secular bear. It is true that many balance sheets in the industry today are quite weak. But this is not necessarily bullish. Even if equity is wiped out, fresh capital should be there to carry the assets provided it expects a recovery. What is needed is disinvestment in both exploration and sustaining capital for several years. The only way to get miners to cut capital expenditures is to take all their money away, which means prices have to fall to cash costs, or more precisely, say, well into the industry cost curve. We are really only a year or so into mean times in the copper market. With zinc and PGMs prices have been depressed for a while, but in the former case zinc's byproduct nature complicates the analysis, and in the latter case PGM stockpiles represent hidden supply. Of the three, copper supply fundaments appear poorest. So much depends upon Chinese development. Other emerging markets have a ways to go before they can replace this juggernaut economy.