Conman, I understand exactly what you are saying.
I don't understand it either. Theoretically the leverage should be there - or the sp is grossly overvalued at the moment. Well, it's not the latter - but the way the PM shares move in relation to the metal prices has puzzled me for about 15 years. In the 90s they moved as they "ought" to; since the pm bull began, they haven't followed commonsense.
Ann: Quarterly Activities and Cashflow Report , page-16
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