POG, page-39

"Whatever is happening we have a situation of prolonged inflation and interest rates no longer rising. I have read countless times that the sort of inflation we had post covid and Russia-Ukraine, that level of inflation, has historically never been resolved without a recession."

Maybe the Fraser govt was an anomaly then when it took over in 1978 from the Whitlam govt that was in both recession and had inflation out of control ,
The Fraser govt got us out of the recession and we did quite well on the farm at least until we had the drought in 1983 .
Hard to predict the future , personally all this talk about the POG I find a bit irrelevant given we are at least a year away from mining , yes good that gold is in Contango but it is normally in contango when looking long term , and given it is likely we will be a high margin producer , POG is not so relevant to SPR