And what about copper?

"When you consider the recent lack of exploration spending, increasing demand from developing countries, country risk (the Democratic Republic of the Congo, the DRC, comes to mind) declining resources/grades at the world's largest copper mines and that a sufficient number of new deposits that have been found are not being brought on stream in a timely enough fashion - and those that are, carry, for the most part, much lower grades than those presently being mined then you might be forgiven for coming to the same conclusion that I have – If even just one small black swan event happens in the finely balanced, extremely tight copper supply sector people are finally going to realize just how precarious our supply situation is regarding the red metal."

http://www.kitco.com/ind/Mills/2014-12-24-Chinese-Copper-Elephant.html