Peter Strachan

The ASX Materials Index, which is where the mining and energy companies can be found, has been supported by takeover action in the sector and a strong outlook for iron ore, coal and energy producers of all sorts.

Commodities appear to be replacing property as a haven for short-term investor savings as stock markets work their way through a bear phase.

Selling or liquidation of selected shares from margin loan accounts in recent weeks has had an ongoing negative impact.

Recent power-related cobalt supply constraints in central and southern Africa have combined with low inventory levels and a strong market for the metal to double the cobalt price, pushing it to $US50 a pound.

Following an initial 21 per cent fall, the stock market continues to gyrate frantically.

Given the strength of energy markets generally – with the price of crude oil almost doubling in the past 12 months and quadrupling over the past four years – it is remarkable and somewhat counterintuitive to note how poorly many oil and gas producers have

Stock markets worldwide are driven by varying amounts of fear and greed.

Australia's government, its citizens and its industry leaders need to prepare for the end of the oil age.