SPDR S&P 500 (SPY)

[Schneidku40]

Those people are getting the easy stuff. The stuff that has eroded out of mountains and takes very little capital investment. Basically, the low hanging fruit. You can't just walk along and find gold laying on the ground forever, eventually we'll pick it all up. There's still plenty buried in the ground but we will have to mine for it, which is much more expensive and thus requires a higher price. Supply and demand usually works that stuff out.

It's the same as 10 years ago when people thought we were at peak oil. Oil price shot up to over $100 and the US shale oil boom was born. High prices fix basically all commodity supply problems in the short-medium term (5-50 years) because it allows for more expensive techniques.