Big iron ore and gas leap on price falls

Wednesday, 21 October 2015

As I’ve observed many times, you can’t keep a good idiot down and Australian mining investor’s are certainly that. Today big iron and gas are on the charge as the prices for both iron ore and gas sink. BHP and RIO are up the better part of 1% and FMG is soaring 4%:

Let’s take another look at FMG:

It’s now broken to a new high for the bull move out of its broken downtrend, megaphone bottom and golden quarter. Upside targets remain at $2.60, $2.80 and $3.60. None of it makes sense to me given:

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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.