I'm lightly positioned in S32, but have no intention of selling...

I'm lightly positioned in S32, but have no intention of selling a single share. $3.99 is my next buying level. Short-term, anything could happen. We could end up at $3.50 or even $3.25 by 30th June. Good. Long term, this is where I want to be. The more l can buy at lower prices, the better; before what I'm expecting to be a monster run on commodities, as unrealistic political rhetoric meets mining and engineering reality. Short to medium term is anyone's guess, but from 2025 onwards, it's hard to argue against the supply v demand equation for a lot of commodities.

It seems most of our trouble today is due to coal. Coal doesn't interest me as an investment, but the revenue and profits are nice. I won't say 'no' to them. For some reason, iron ore and gold has never appealed to me. The more government discourages more production of coal, the more valuable our existing mines will be. The coal is still in the ground. Nothing has been lost and demand will be here for decades. We'll just dig it up and sell it another quarter. Easy.

I'm no chartist, but on a 5 year chart, ironing out the dips and rises, S32 is a diagonal line from $1.77 on 20/3/2020 to $4.12 now. Bottom left to top right hand corner of the page. Interesting, but irrelevant. Very positive and bullish. But means nothing if global commodity prices fall.

Like Michiba says, no iron ore exposure: no gold either. Our commodities are a who's who of electrification needs and a mixed, diverse group of assets across the globe. If technology changes and one metal turns out to be less important than imagined, another will take its place. And it's a good bet we're already mining it. S32 is my scattergun approach to covering a lot of electrification bases with one, locally-listed and managed, safe bet, with franking credits thrown in. I can then start looking elsewhere for specific (and smaller) exposure amongst up-and-coming junior miners.

The dividends are a nice touch. And shares on issue are falling each year (a green flag in my book). The buyback plan is making our holding more valuable. Management is highly regarded. Hermosa could be anything. Production costs are low. And we're a potential takeover target at some point. The day you sell, trying to get too cute and buy back at a lower price, is the day we get a too-good-to-refuse takeover bid!

I suspect we will bounce back on Wednesday and the (over?) reaction today was partly due to an unofficial ANZAC Day long weekend creating some temporary strange pricing. If not, I'm keen to keep building my position at lower levels and wait.

Good luck to us