RIO and BHP are not going to increase production from new mines...

RIO and BHP are not going to increase production from new mines because they don't have any large, low-cost deposits to develop and they have a policy of not developing lousy ones. Others may develp small deposits but they are having a hell of a time finding engineers and equipment. So there is not going to be a big increase in metals production, as seen in previous booms/busts. Same applies with oil. In last boom, they were able to develop North Sea and Alaska. There are none this time. In addition, demand is being fed from China and India. They have the money and they have the desire. America's housing can fall as much as it likes. Demand is there from others.

I also look at the charts for Nickel, Zinc and Copper. Sure there is a correction, but there is nothing like the panic seen in other busts when prices fell like stones