absolutely @Protagonistthats why you want gold/silver exposures....

absolutely @Protagonist

thats why you want gold/silver exposures. industrial metals suffer in deflationary cycles - gold/silver boom

one of the reasons overweighting to lead is contraindicated if you miss the optimal ~2yr entry window at start of the new metal cycle

once you start baking in high capex inflation the marginal return to risk equation on 10yr lom rises considerably because metal cycles can peak in as little as 4 years.

i expect this one to be much longer - in part because the capex drought prior was sooo severe

but you cant just plan for Scenario A

Ofc its a modified picture if you're getting say 80% debt finance thats approaching 0% real rate.