have we seen the bottom , page-7

Loki,

8 usd? I can't see it. ALL hard assets have been going up against the usd, plus the Euro, A$, the Brazilian real etc. Even milk solids, vege oils & grains etc. Developments costs and cash costs also.

Looking at it in usd terms is implying relative depreciation of nickels value vs other materials. I just can't see it.

We each need to take our own views, but I am going to use the forward curves as my guide (because real money is bet on them), provided they stay above usd 12. My view is that below usd 12 there is going to be serious loss of supplyside enthusiasm, and diversion of resources to more lucrative commodities. Maybe that prevails even below 15 usd.

Maybe I should have bailed at $4, instead of topping up? Just glad I bagged my LIM and AGM profits (and ALB).

EL