I agree it's a reflection of uncertainty as to whether commodities/economy deteriorate further. From memory prices of commodities are considerably higher now than they were last time we were at these levels, even with all the drops. It's just when they drop 5-10% several days in a row, not a good look. It's almost a binary proposition, will we see GFC2 or not.
I'm torn on whether to reduce exposure or ride it out. I really don't expect zinc, for example, to head back to previous lows. Copper is still relatively high, so it has plenty of room to fall. It was clear as day everything was going up too fast in the market, I just didn't expect such a spectacular selloff - hard to gauge just how much the resource tax has to do with it.
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