I think traditionally speaking yes, but in todays age governments will be investing heavily in infrastructure spending and defence spending during downturns so rare earths and other base metals should still perform well. I think their lows have recently been in and issues flowing from the inflationary and negative banking environment, along with mine closures and decreased exploration for many sectors will mean there is currently a lack of supply which will create bullish price patterns for many of these commodities moving forward.
Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-15
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