Let's see.... coal is cheap. That's why it's here to stay. Coal will never be expensive like oil. Since natural gas upsurge in volume coal has sold off. It will take a very strong economy to bring coal prices back up. You can't look at the peak prices. They were caused by a leveraged debt market that failed in 2008. So the old prices are not valid.
The answer may be right in front us. -- Its not politically correct to own coal stocks.
The news media and the Obama Administration has demonized coal so much, that investors are either afraid to invest or feel that coal is dead and too dirty and that natural gas has taken coal's place as the number one fuel source. Natural gas is the anti-coal. Its the savior of civilzation because its so clean. And in closing, until the world is re-educated about coal, its stocks will suffer.
I only hope I'm wrong.