Dead cat screeches as miners take-off

Wednesday, 21 January 2015

It’s all good today for the iron ore majors today with RIO up 3% and BHP up 1.5%, However, poor old FMG is down a touch. Here are the updated indexes:

The idiocy spreads continue to close and in FMG’s case an “IQ spread” discounting equity to the iron ore price is developing:

The juniors brief gasp for life continues to expire:

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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.