Relief that the world has avoided a full-blown depression has turned into euphoria. The catastrophic collapse of some cyclical assets has been almost fully reversed. Shares in Antofagasta – a copper miner – are not that far off the highs they reached at the top of the bubble in 2008. This resurgence partly reflects the copper price’s new lease of life. The industrial metal rallied almost 140 per cent from its trough to its recent highs, although this is dwarfed by Antofagasta’s 236 per cent gain.

And even without an unlikely return to economic normality, it is possible to imagine circumstances under which the likes of Antofagasta would continue to prosper. During the 1970s, the mining sector generally beat the wider market when inflationary pressures were at their most rampant. So, if central banks trigger another era of spiralling prices, the miners would likely be among the more desirable holdings. But should economic growth and inflation remain subdued, miners will surely suffer.