[The plateau in the bull market for commodities is undeniable, but the question is whether this is temporary or it indicates a long-term flattish or bear market. My vote is firmly on the former scenario; other viewpoints are welcome.]
I'm not so sure BHP agrees with your scenario:
BHP Billiton Ltd. backed away Wednesday from ambitious spending plans that would have led the company to invest around $80 billion on new projects in the next five years.
Management at the mining giant have been rethinking its capital expenditure plans laid out last year "every day," as the global economic climate and uncertainty within the Australian mining sector cloud the outlook, Chairman Jacques Nasser told reporters on the sidelines of a business lunch in Sydney.
Asked whether the miner still plans to spend the hefty $80 billion it had previously estimated, Mr. Nasser said "no" He didn't elaborate further on to what the forecast may be revised.
The tail wind of high commodity prices, which have helped the mining sector report record growth in recent years, is moderating and is expected to ease further, Mr. Nasser said in an earlier presentation.
The sector also faces continuing global volatility and uncertainty since the global financial crisis, which has led shareholders to lose confidence and focus more on cash returns and dividend yields, he added.
"Rather than the world settling down, we will face increasing volatility and uncertainty," Mr. Nasser said. "It is really going to feel as if the ground is shifting under our feet," he added.
Mr. Nasser described the 2008 global financial crisis as a structural shift and said ongoing developments in the euro-zone were a short time ago "almost unthinkable."
AI
Market Data 
Markets 
