This is due to oversupply largely due to cheap money and the China effect; AND just as importantly, it follows, central bank currency intervention. In a market that is short - the price climbs notwithstanding the dollar. Let's ignore iron ore which was contract based and gold which is money and must, therefore, move in lockstep (inverse) with the reserve currency, the USD. Over time diversified mining companies should improve their operations and grow. Over time currencies trend lower. Granted - if you are trading the price - ala SIMON - none of this matters, since in the moment, you see the currency fluctuations play out in the commodities and these drive the mining houses. It takes years to deliver on this scale of investment but due to the high level of beta, I don't think most investors stick around in these stocks for that long. Spikes aside - over the years - commodities have gone up - in dollars. The Rand has gone down. More importantly - the dollar has gone down too. It is internal inflation that is the enemy of these companies... closely followed by the sheer scale of their "built in expiry date" investments.