A worldwide slump in industry lies behind this year's tumble in precious and base metal prices, a commodities expert has told CNBC.
"What we have at the moment is a global industrial recession, I would suggest," Colin Hamilton, head of commodities research at Australian investment bank Macquarie, told CNBC on Monday.
While some analysts have blamed the fall in prices squarely on the Chinese economic slowdown, Hamilton pointed his finger at the U.S. as well.
"We have a situation where China has slowed aggressively, ex-China hasn't been able to pick up and the U.S. has lost competitiveness with the dollar being so strong," he said.
"Therefore, while we have had lots of cheap money and that has generated lots of supply capacity, it just hasn't generated the demand."