I also took a bath on this stock. Funny thing is I had a sell order in at $4.50 and took it out on advice from a more experienced trader! I'd laugh if it hadn't cost me tonne of cash. And I had put almost all of my eggs into one basket / basketcase too.
I also lost $60,000 and a piano in a divorce, which is getting off lightly compared to some haha. I do miss the piano though.
Having said that, I still hold my GXY shares. The ABC story out on Friday did my head in - lithium demand to triple? global shortage predicted? And yet GXY eats a sh!t sandwich that same day.
Ultimately even the governments with a cult-like devotion to oil will have to face the pressure of their citizens who don't want to choke to death in their major cities because of smog, who don't want their marine life to go belly up, who don't want worse droughts and more horrific fire seasons. They will have to promote EVs (and build mass transit too, as populations are booming and the streets can only be widened so much).
BP and Shell have seen the writing on the wall. The Gulf states have been branching out. Qatar is trying to become number 1 in LNG. Why? They know oil is cooked, no pun intended.
After the COVID-19 slump, which may last some time, VW, Nissan and others will make big moves to be big winners in the recovery. That will involve attempts to corner the EV market, which will drive demand through the roof.
https://www.abc.net.au/news/2020-06-26/lithium-producers-prepare-for-predicted-global-shortage/12394326?fbclid=IwAR1mKFmqLDOTMgjbupoqKUatcPl5Z9HznUmGa-hx2Ocu2Tdeavasizm-mR0
Call Lifeline - 13 11 14. Talk it out. I've got two boys, wee lads, with me 5 days a week and no matter how bleak things get they are my sunshine. Talk to people. She needs you. A LOT of people need you, you'd be surprised.
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