THIS ... sometimes more buyers than sellers and vice versa....

THIS ... sometimes more buyers than sellers and vice versa. There doesn't always need to be a reason.

however, the dumb money is often institutions who follow mean reversion and technicals like religious zealots and they need a "reason" behind every move.

To them, the idea that commodity prices have risen because of currency debasing and inflation that isn't ever going away - hence, prices stabilising much much higher than the mean from several years ago - is just crazy talk. They will think iron ore will go to $50 and coal back below $100 until the sun cools. Look at how they talk about Simandou on iron ore constantly despite no dirt being disturbed to build it and a multi year and multi billion lead time.... reality doesn't matter...

WHC only risk is sovereign... royalty changes... but even then, those royalties will only kick in at very high prices and even with them, the company is still super cheap.