RE: Wow. Doesnt make any sense26 Aug 2021 12:28
I think it’s always been the case that markets tend to over-react on both the up and down side. But recently, and this is admittedly just a theory, the UK market has bought into woke environmentalism.
In ‘green’ theology, miners are generally frowned upon because extraction tends to be dirty. Obviously some metals are acceptable as necessary for the ‘green revolution’, but gold isn’t one of them.
So Poly simply isn’t trendy and doesn’t attract so called ‘ethical investors’ or form part of ‘green’ pension funds.
In the real world value will eventually be realised, but the UK of all markets appears currently to be going down a particular path whereby funds are attracted to green plays. I view this as another manifestation of the long standing market proclivity for irrational over-reaction.