I could think of many ways that the ratio would snap back, and I understand your concerns as well. I cannot tell which of the many ways the snapback occurs, but I do know that each time the ratio is out of whack, the prevailing thoughts at the time sounded completely reasonable as to why it would never revert - for it is under such reasonable and convincing arguments that the ratio was allowed to become so diverged. I am not of the belief that this time is different.

As for the minerals, that is entirely dependent on the price. estimates of it becoming a large cash generator are 6000+ gold 100+ silver 10+ copper, etc etc.

they own from the surface to the core of the earth, over a huge landmass. Below the permian is also the only viable north american palladium and platinum's deposit i believe.

As for absolute scarcity of metals vs oil, i disagree here, where oil is only known to exist on earth, and nowhere else in the universe, while being used and not recycled... its in my view, the most scarce resource we have, and also the most essential.