Gold and silver mining stocks are very depressed relative to the rates of the market and in absolute terms, in terms of valuations. So that sector is quite attractive.
I also think that coal shares have been oversold and they are now at a reasonably good value, but other than that, I do not see any particular value from a long-term perspective.
Now if you tell me that the market can go up another 10%, that may be the case, but it does not make for good value. Therefore if I look at the total return that I can expect from US shares over the next 5 to 10 years, it will be very disappointing. I would rather buy emerging market shares, which in terms of valuations are reasonably priced.
