Iron ore miners hold up as futures rally

Thursday, 27 November 2014

There’s life in the old dog yet. Glencore hot air levitated miners this morning with FMG flat, RIO down a bit and BHP down a bit more despite another record price plunge. Here is the comparative index:

The idiocy spreads are widening even further with RIO now a minor nation away from good sense, BHP threatening new wides and the moron cross closing in on both:

RIO looks wildly overpriced, so say these blokes at Barrons:

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.