Miners melt up with gun to heads

Friday, 10 July 2015

Big iron is riding the tiger’s tail today. With a gun to Shanghai investors heads they’re buying hand over fist up 6% now and BHP, as well as RIO and FMG are up 3% in sympathy:

Shanghai may or may not be a bear market rally given the prospect of being shot for selling but that’s not the case with the big miners which are in bear market rallies in my view. Idiocy spreads are widening again:

Juniors still dead:

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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.