Other than the allegations about Atlas Iron, there is no credible data in the short report. But even with Atlas Iron, the shorters have taken a fact and distorted it to suit themselves.
The price of iron ore began 2015 at $71.26 per dry metric tonne but fell 39 per cent by the end of the year. A reorientation of China's economic strategy brought growth in the use of steel almost to a halt, and signs of demand picking up in other parts of the world were not enough to offset China's slowdown. Part of the consequences of that fall was that Ken Brinsden fell on his sword at Atlas Iron as part of their cost-cutting objectives in 2015. Look it up.
Other than that:
1. PMT has climbed to a MC of $2 billion from $8 million. Well, any holder would have seen for themselves why that has occurred. 2. An unnamed group was paid to promote the stock. We all saw the PMT advertising and many of us discussed it. Even back then shorters tried to raise it as an issue but it was a smart play imo and related to the huge increase in the MC.
These shorting groups can't lose as long as they don't extend their short play too long.
PMT Price at posting:
$1.64 Sentiment: Buy Disclosure: Held
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