"Hi David - hope you're well - good to be back on the site.

"I was flipping through all the charts I could the other day - and I found some affordability charts ie G7 Per Capita Income v Copper or Tin etc.. and it struck me as to how expensive the metals still are on this basis - ex some like Ali, Zinc that are closer to ave levels.

"Have you seen these? I was thinking the reason for this could be related to thrifting ie you might pay more for the metals but you need much less than one used to thanks to tech/thrifting.

"Have you covered this in any of your comments - how do I search comment for this idea if so?

"I should 'admit' that my key research/thought focus is on whether the Super Cycle distorted metals to the upside to such a degree that pricing their relative cheapness of those highs is a dangerous endeavour. Rather one should refer to their longer term, real price trends which over 30-50 years are downwards. I have yet to make up my mind, but I need to soon! ;)"

David Fuller's view I am well, thank you, and am delighted that you have rejoined Fullermoney.

I had not previously seen the affordability charts (sorry, I was unable to reproduce them) and that may be just as well. They are interesting, like so many things, but a somewhat arbitrary distraction, in my opinion. I also agree with the opening point in your concluding paragraph.

We know that metals are a highly cyclical industry. Also, China has been shifting its economic emphasis from infrastructure and exports to domestic consumption, and this has weighed on metals and other industrial commodities. Additionally, we know that investment is in part a fashion industry.

Today, mining shares are deeply out of fashion, cheap on single-figure PERs, and the quality miners have attractive yields of 4% plus. Therefore, selling them at current levels would mainly reflect disappointment and impatience. My guess is that value investors are now looking at miners. Meanwhile, these companies are now reducing production to preserve cash. This will lower the available supply of metals and demand will pick up as the global economy recovers. The cheaper miners become relative to other sectors, the more quickly they will recover when the fashion changes.