Iron ore miner idiocy spreads soar!

Thursday, 29 January 2015

It’s all good today for the big miners as FMG ships ever increasing amounts of loss-making dirt. Say whaaaat? Yes, despite overnight pain for equities and more falls in iron ore and oil, everyone is cruising today, roughly flat for the two titans and roaring 6% upwards is the FMG black hole.

I really must begin selling my backyard loam for less than it costs to shovel it out. I could float! Here are the indexes:

The FMG sanity spread widened a touch today but will retrace soon enough. However, call the white coats for the majors:

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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.