Big iron levitates on MSM hot air

Tuesday, 4 August 2015

Big iron started badly today after the London rout but a little help from some puff media and voila commodity prices no longer matter. Or maybe it was the communists buying the Shanghai casino. Either way BHP and RIO are both even but FMG (which is the more sanely priced these days) is down 3%:

Idiocy spreads are flat:

AGO is still unable to breach 4 cents:

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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.