In March, Goldman upgraded iron ore to an outlook of an imminent $150 tonnes $120 2023 average price.
As I said at the time, this was foolhardy at best.
Today Goldman reverses course dramatically.
Scorched Goldman guts iron ore outlook
David Llewellyn-Smith
Monday, 5 June 2023
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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.
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