2x COP is not a bubble. Nothing parabolic in the chart - it's not a bubble. Mining shares not acting as leverage but pacing 1:1 is not a bubble. 2011 was not a bubble, there was nothing terribly irrational or outside the fundamentals in it. All other commodities went for the same ride based on China projections. 1980 was a bubble.
In 2011 it was overbought, China peaked for commodities - time to cash in and wait for a correction, which we are now experiencing the tail of - and may be sustained for base and bulk metals for a while longer.
Oil has fallen more than 50% in 6 months, does that mean it was in a bubble last April?
I think we have different definitions of a bubble.
