Chart of the day – Miners intermediate cycle top?

A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.

Speculators have reduced net-long positions by 3.6%.

Nine drill rigs are working a 30,000-35,000 metre program, with results feeding into future resource estimates.

All-time-high gold prices combined with relatively-contained costs catapulted unit earnings to another epic record.