Target $18.72, page-25

There is a lot wrong with what they said, it is either from ignorance or wilful misguidance due to their own vested interests. They are likely looking for an entry price and encouraging SP weakness. I have no doubt that many of these types of people were saying similar things about oil in 1974 when it went from $4.50 per barrel to $15 per barrel. It stayed there, almost permanently until in 1980 it went to $40 per barrel, revalued then to $30 and stayed at those levels for another 5 years before going back to the $15-$20 range for another 20 years after that until the huge rally into the $100 price range we see now.

I believe we are facing a similar situation now with coal, given the similarities of global geopolitics between then and now. Energy commodities reach new pricing environments almost every decade, and I see this as one of those almost permanent shifts fuelled by underinvestment and mass inflation thanks to mass money printing campaigns of the US dollar during 2009 and 2020. This is particularly relevant since the majority of global trade of energy commodities is sold in US dollars.