Thanks Chris ( I think )

Hi Fully

Long time no chat!
I had a thought pop into my head this morning; I wondered how base metal
miners had performed relative to PM miners over the long term. So I did a
little investigation…

I compared BHP Group (one of the largest BM miners) to Barrick (one of the
largest PM miners), as well as PM and BM prices over a 25 year period
(since 1999).

I found the results rather shocking, to be honest.

First: PM prices have risen 7X and Copper prices have risen 4X and Iron
Ore prices have risen 2X since 1999

Second: BHP has risen 10X since 1999

Third: Barrick is actually 10% lower than it was in 1999

So the miner whose product has risen in price 7X since 1999 actually loses
value in the same period, and the miner whose product has risen in price
2X – 4X in the same period has gone up 1000%

Out of further curiosity I checked Rio Tinto as well. And even though it
hasn’t performed as well as BHP, it is still up 650% since 1999.

I am really at a loss to explain this huge disparity in performance
between PM miners and BM miners. Both have the same costs, use the same
equipment and work in the same countries. All these companies are listed
on the NYSE.

So I submit to you: why does the sector whose product has risen 7X in
price not gain at all since 1999, and the sector whose product has only
risen 2-4X gain 650-1000%

Have a good week,
Chris