it just depends what your view on I/O is.
If you think it will pull back further to 90/t ?
how about 80/t?
when AGO becomes non-viable, and needs to switch to care and maintenance, the sp would dive.
there is your sense to short.
So, where will i/o pricing go?
I dont know, but shorters are there for that reason that they believe it will.
Their opinion is just as valid as a long position with upside view for i/o pricing.
