market revaluation 75 cents., page-67

One of the key causes of inflation in energy and metals is the falling supply.
There has been a real lack of investment into the finding, processing, recycling and refining of these key commodities.

A decade of listless commodity prices has created this situation. Companies were not financially incentivised to spend the capex required to increase output. All this in a time where most of the cheap easy to find deposits have already been mined.

This disinflationary period will only worsen the long term supply constraints of these critical commodities as companies mothball urgently needed growth projects.