Desperate times indeed, page-10

I would think that Ag is traded in a "perfectly competitive" market (large number of buyers and sellers, etc). For practical purposes this does not exist but theoretically it does.

So supply and demand will determine pricing - theoretically.

Problem occurs when there is "illegal" activity such as a group of large players who contrive to keep prices within a certain range. I would not be surprised if this was the case with POS because Ag is both an industrial metal (extremely important) and a PM. For how long they can do this is anyone's guess - I suspect as new uses are found for Ag and they start to dominate, demand in the face of limited supply will be such that POS might break out?