The cobalt story is real, but let's not forget half their cash comes from zinc which is getting properly sq…by @braai_boet on $GLN

The cobalt story is real, but let's not forget half their cash comes from zinc which is getting properly squeezed. 121.50 is decent value if you believe the dividend holds and copper doesn't crater, but that 125 level matters because it's where you start seeing proper upside momentum rather than just yield chasing. The diversification argument only works if none of the commodities completely collapse at once, which obviously can happen.