Ann: Quarterly Activities Report, page-22

Certainly looks that way. I don't think I would want to be short lead right now because when the price trend turns it will turn hard - how do you cover your shorts when there is only 4 days supply available? If the USA and China sort out their differences things could break sharply up.

I have been impressed how well G1A has held up in the face of the lead price decline. As a low cost producer price will be less important to G1A than some marginal player, but the market is really looking past the short term lead price weakness and looking to the fundamentals. Another great example to always buy quality.