Australian banks Australian LNG Australian Shares Commodities Gold Iron ore price

Big Gold shines as ASX pounding continues

David Llewellyn-Smith

Wednesday 2 November 2016

Big Iron is mixed today as risk comes off. BHP is flat, RIO 0.2% but FMG -3.9%. Dalian has opened up a little:

Big Gas is getting off lightly with WPL -0.9%, OSH -1.4%, ORG -0.8% and STO -2.6% and right at technical breakdown:

All of these stocks are still trading as if oil will return to $70. In their dreams…

Big Gold is having a winning day with NCM 1.8%, RRL 4.4%, IGO 0.3%, SBM 3.7% and EVN 3.4%:

The NCM chart if perhaps showing promise for a bottom in the correction. As is IGO.

Big Debt is down -1%+ and still approaching support in its mega-bear chart:

The Big Spruik is today’s big loser (again) with the disgusting FXJ -2.2%, REA -2.5%, MEA -1% and MGR flat:

No bottoms there!

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.