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The dollar and oil price are screaming higher, iron ore is plunging lower and debt markets have closed to indebted miners but that is no excuse to be selling your yield-bearing iron ore shares. On the contrary, trashed fundamentals mean it’s time to load up and that’s what the equity market is doing today as BHP jumps 1.5%, RIO rises 0.5% and FMG rallies a full 3%. To the indexes:
The idiocy spreads are still closing despite the cheer:
And juniors still dying:
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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.
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