Hi Alex,
Great timing, we are actually putting together a webinar on the 16th of this month on this very subject including taking a look at Goldman’s bearish standpoint. Their thesis is based on the ramp up of unconventional mica mineral production in China (lepidolite) will fill much of the supply void over the coming years. Our perspective is lepidolite as a type lithium deposit has not been proven commercially at scale – so there is a long way to go here. That said, the moves we saw this week show a market this is complacently long – something we are conscious of.
We remain long IGO targeting a break above $15. Conversely we will don’t intend to increase our 3% holding in the MM Flagship Growth Portfolio unless we see weakness under $10.