Gold has plunged to new lows in Asia today:
I think we’re going back to the lows before flushing out the market. Miners are obviously following:
It may not be until Europe seriously threatens that we’ll see a turn. That’s probably not until the French election.
Big Iron problems are forgotten as Dalian rallies to flat on the PMIs. Hello? China is still tightening! BHP is 4.2%, RIO 2%, FMG 6% and WHC 4% (more expensive diesel is good apparently):
I will be very surprised if they can bounce again from here but it does not matter. China will tighten until bulks break.
Big Gas is in ecstasy on the OPEC deal with WPL 6.2%, OSH 11%, STO 13% and ORG 7.5%:
These stocks are already grossly overvalued and now more so. Japan is going to break contracts before year end.
Banks are definitely firming with their global brethren:
Still wouldn’t buy ’em on the soft local economy.
Big Spruik is mixed with the odious FXJ 1%, REA -1%, sullied MEA smashed -5.5% (ex-div?) and MGR -2.2%:
Go McGrath!
