Gold miners soar to new highs

Dalian is flat but that’s not a problem for big iron today as BHP marches up 2%, RIO 1.1% and FMG 4%:

One word: short.

Big oil is up too despite oil being weak during the morning with WPL 0.7%, OSH flat, ORG flat and STO flat:

One word: short.

Gold miners are going mad again as Asia buys up (alas my chart is not loading) with NCM 2.1%, RRL 3.6%, SBM 5.5%, EVN 5.3%, IGO 8.5%.

One word: long (buying dips, taking profits).

Banks are also rallying hard with (alas my chart is not loading) CBA 2.2%, WBC 2.7%, NAB 2.1%, ANZ 3% and MQG 2.4%.

One word: short.

In summary, the ASX is following the S&P500 higher but there’s really not much change to anything.

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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.