>Bearing in mind the PM's have benefited immensely from these bubbles.
It all depends on what you define to be a bubble YC???
If we can assume for a second that growth has been a bubble due to cheap and easy debt then I agree with you.
I agree then that commodities have had a fantastic run over the last 10 years and small to mid cap stocks in commodities have had spectacular gains.
Now on the other hand I can't however say that I have seen any spectacular gains in PM's.
Was there a bubble? Heck yeah!
Not in PM's though.
There will be a time way down the track that we will be in bubble territory however we are a VERY long way away from seeing that.
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