I believe a new multi-year resource cycle has started, and that the evolution of this cycle has been remarkably rapid compared with other cycles. Investor sentiment towards miners switched in early 2016 from ‘off’ to ‘on’. This has happened at the turning point from bust to boom in every other cycle, so we are now in the early phase of a new boom. You rarely see false starts when sentiment washes back in to mining. Investors are coming in having left completely, so aren’t defending loosing positions, are buying because they think stocks are cheap, and are looking for growth. In time, and weight of money, they tend to find it, but are also very tolerant of short pull-backs that would otherwise tip the market when sentiment is running out of steam.


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