General Discussion Banter GLN, page-14712

If you want to talk ‘BEOT’ then consider Goldman Sachs with some intellectual honesty.

In May 2022 they released their ‘the end of the beginning report’ which flagged a hefty supply response and a softening of battery metals price over the coming 1-2 years:



Look carefully at Exhibit 2: “lithium price set to fall at the fastest pace over 2023”. They literally made it as clear as possible.

This research was widely reported and available. Instead of critically considering it, as the market remained hot through till November 2022, retail generally ignored or derided this research. It’s worth remembering that other commodities had started to cop a punishment by mid-2022 due to interest rate fears, Evergrande, China growth wobbles, etc. The warning bells were ringing but lithium was the last to turn.

Fast-forward to 2024 after a >85% fall in the lithium price and the same people who ignored the advice GS provided to the market now carry on about them manipulating it - even though all the information was presented. It has been consistently proven that GS don’t have prop/trading desks and that the ‘sub holder’ notices popping up on the likes of PLS, LTR etc are Goldman clients shorting the stock (not Goldman themselves going long). Despite this, even luminaries like Joe Lowry have got this wrong, thinking GS are issuing a ‘sell’ note one day and then buying themselves the next (this is easily proven wrong by anyone with data).

So here we go again: another opinion/research piece from GS foreshadowing possible further falls in the sector, and much the same people who ignored the earlier warnings (all the way down) are now doing it again and crying manipulation - because it couldn’t possibly be *their* screwup, it has to be someone else’s fault.

And retail then wonder why they get rinsed…