Hi Gann
Your charts there do make a lot of sense. One thing they allude to, which is relevant to hard commodities like metals, is the tussle between speculators and genuine consumers on the demand side.
It seems to me that the highest peaks probably include activity that drives prices beyond what the genuine consumer is prepared to pay. We have definitely seen that with some of the lulls this year in metals.
At the moment demand has quietened off a bit from China but I think we will see it pick up again in the New Year.
ZFX
zinifex limited
