I think that’s right. It’s likely to start with the hedge funds. PM’s are frowned upon in the US by the banking system money managers. Investors like Buffet and Munger trash them as non income producing assets. But continued high metals prices and steady earnings growth with dividends will change thinking. The banks and government have trashed this sector so much and made prices in the metals unreliable for so long, no one wants to touch them other than for a trade. Hopefully we’ll get there.
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