Gold

9

Market applauds Domainfax’s evil plan

Iron ore futures are flat after overnight falls suggesting a decent hit tomorrow but holding on despite Chinese house prices and sagging coking coal futures. The miners are down: Big Gas is weak despite strong oil. OSH is flying on a Goldman upgrade: Big Gold appears headed for a correction: The Big Debt bull is still

8

Fortescue blasts to new highs

The Big Iron rocket is punching skywards again today as Dalian adds another 1% to overnight gains: FMG is powering towards its highest intraday price since the GFC and will presumably break the closing price today: A technician would suggest an $8 target then on to the all time high. Macquarie has more on what could

8

Big Iron up as China boosts coking coal

Big Iron is firm today as China has announced the suspension of coking coal imports from North Korea. Not a trivial amount of 22mt. Dalian is 1.5% and coking futures a bit more. Of the majors only FMG is up, however, for no obvious reason: Big Gas likewise is looking a bit toppy: Big Gold

3

Big Iron firms again

Dalian is roughly flat today after overnight gains: Big Iron is modestly up too though FMG’s possible double top still lurks: Big Gas is rebounding after OPEC minister comments supported oil: Big Gold is off. Not sure it can get much further unless Donald does something more stupid: Big Debt continues its sneaky bull market.

2

Stocks dodge the building China bond syndrome

Chinese bonds are bid a little today: And Dalian is flat: Under the surface, trouble still lurks, via Bloomie: Here’s another Chinese financial practice that’s prompting high-decibel warnings. So-called entrusted bond holdings are a way for financial institutions to skirt rules on using borrowed money to invest in bonds. How? By getting a third party

4

Big Iron sees light of hope in rising Chinese bond-fire

The Chinese bond-fire is rising again today and it is clearly a mini-crisis that could develop swiftly: Dalian is working it out: But not Big Iron. It sees hope in that fire! BHP is 1.3%, RIO 1.4%, FMG 1% and WHC 3%: Minor falls and broker upgrades must mean buy! Big Gas is fading too: Big

0

Dirt dumped, banks bought

Dalian has opened under pressure again: As Chinese bonds keep selling: And authorities are warning that liquidity will remain tight through the Q1 lending season: Tight liquidity in the interbank market is expected to continue until early February It recommends monetary authorities take steps to prevent the situation from getting worse Liquidity is forecast to get

5

Dirt high-flyers tumble as banks rock the AAA

Big Iron has bifurcated today. Dalian is down a little more from overnight: As Chinese bonds continue to get absolutely flogged: And CNY to fall: BHP is 1.1%, RIO 1.2%, FMG -3.3% and WHC -2%: The high flyers look very vulnerable as the bulks keep falling. Big Gas is firm: Big Gold mixed: Big Debt

3

Big Dirt hit again as China yields rocket

Dalian is unchanged today but my sense is that the bubble is in a spot of bother as liquidity issues spread: Chinese yields are moon-shotting again today: Caixin is downright gloomy: China’s central bank stepped in to urge major commercial banks to lend to non-bank financial institutions on Thursday afternoon after many suspended interbank operations