It seems the action was systematic. several lithium companies tracked similar to GXY all day and a lot ended starkly red. The correlated data is possibly an indicator that a common or closely related insto or group is closing a position which also to me means that whatever caused the sell off today has even less to do with each actual company performance and prospects and more to do with some other (possibly completely unrelated) economical factor.
Any reports of suppliers coming online still would not have any direct impact on the share prices anyway. Company profit margins are based on sale prices and production costs, neither of which have changed. Especially for GXY which is filling set contract pricing. All the prospective mines in the world could come online but without any actual change in the price of the product, or catastrophe with production costs the profits hold up. If anyone has seen a single credible story about the confirmed sale price of lithium worldwide right now crashing through the floor please post it here.
Anyone at all.
IMO whatever it is has little to nothing to do with GXY, nothing to do with management and is likely to have nothing to do with the lithium market. Whatever it is I look forward to the turnaround. Just let me get another packet first.
GLTA
GXY Price at posting:
$1.76 Sentiment: Buy Disclosure: Held
