The commodity story is essentially a scarcity story. From our perspective, as

global living standards improve, the problem will be finding and producing

enough raw materials to sustain economic progress. We believe that with

two more decades of progress for those billions of people escaping poverty,

the kind of police protection that will be needed to protect buildings with

copper pipes, or churches with copper roofs will be a daunting cost for

municipalities. A notably tough junkyard dog will be worth its weight in

gold—at, say, $10,000 an ounce.