"Ernst & Young says metals analysts’ prediction of metal prices “have consistently and significantly lagged behind the actual spot market,” and that mining and metals equities have been undervalued.
Ernst & Young said: "It is our view that current metal prices are actually a return to sustainable price levels following an extended period of artificially depressed prices, rather than the conventional wisdom that the industry is near the top of a cycle."
http://www.mineweb.co.za/mineweb/view/mineweb/en/page67?oid=46319&sn=Detail
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