Byron Agree global economy is stuffed and also agree it is...

Byron
Agree global economy is stuffed and also agree it is possible for commodity prices to come under pressure, however I can't see this happening without a relatively large decrease is AUD.
The Australian economy ex resources and resource related industries is struggling so in a wolrd of falling copper prices you will see IMO falling domestic rates and a quicky rerated AUD. The only exception to the above is if the USA high debt load comes into focus and the USD falls resulting in AUD staying relatively high.
Lastly you compare OzL to others but you will note performance of RIo, bhp has been very similar if you compare post GFC highs and performance of single commodity produces such as MGX, MCR even worse. You seem to look at OZL in isolation and attempt to relate it's weak price to your perceived fundamental weakness. However I tend to think OZL has performed in line with the market