gapup. no, I'm not saying that I'm saying when the price is high...

gapup.

no, I'm not saying that I'm saying when the price is high explorers show up and get funded. You know and I know that most explorers never get going as mines. so they don't effect supply short term.

most explorers I've been in don't actually get going till the second bull cycle in most minerals -or at least the big win doesn't come in the share price till the second bull cycle in that commodity.

but yes I am saying the market is that thin in reality. look 120,000 tons of cobalt at 33,000 a ton is only a USD 4 billion a year market. about 75% or more of that is taken out in long term contracts from mines.

so were talking only about a spec or spot market of 1 billion usd a year. That's about 2.5 million USD a day. ( or 80 tons a day ) thats a pretty thin global market.

if any big buyers, traders or speculators decide the price may rally and start forward buying and storing it's not hard for the spot price to rise rapidly. the same in reverse when they perceive it may fall and start unloading into that thin market.

Thats why it jumps so much - compare that volume to say copper with USD 300 million a day trading, or nickel with USD 90 million a day trading, or oil with USD 7 billion a day trading or USD 20 mill a day in gold.