The Aussie dollar is stable today:
Bonds are a little bid:
As XJO powers to an 11 year high. Monthly chart below:
Now trading on 16.5x, plenty of room to blow more bubble as earnings don’t grow but the multiple does:
Dalian is nuts:
Big Iron up:
Big Gas is up with oil:
Big Gold down:
Big Banks are tearing it up on the dash for trash:
Big Realty too:
I can see this blowing higher now as earnings stall, bond yields fall and the equity risk premium skyrockets.
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.