can Ni go below $4.00/lb?

A year ago spot Ni was $3.90/lb. 5 months ago traded at $5.25. Last night Ni price dropped another 2.5% to close at $4.09. Graph below shows the massive swings over past 12 months with past 6 weeks very bearish. Going below $4.00 is like oil breaking $50. As much psychological as it is bearish. WSA our best Ni mine but is powerless to control what consumers will pay. Goldies are falling like flies and yesterday WSA had a massive swing below $2.00 before recovering. Eventually Ni miners around the world will throw in the towel but seems a tough time lies ahead (at least over the shortish term) for almost all types of commodities e.g. IO and coal are feeling similar pain.

http://www.**promotion blocked**net.com/charts/metals/base/spot-nickel-1y-Large.gif