Gold

30

Bear’s lick lips at ASX discounts nuthin’

Iron ore and coking coal futures have held Friday’s gains so far: Which has BHP and RIO  up a little, though FMG and WHC are down: Given RIO has barely corrected since the crash began, let us ask, what is the difference between it and FMG? Given FMG’s great deleveraging, and RIO’s reliance upon iron

2

Iron ore opens, crashes

While global markets party on the rise of Emmanuel Macron in France, Dalian has opened and immediately shed the good spirits as iron ore and coking coal futures tank: Big Iron is dutifully down: Big Oil is up despite the oil pounding, fishing for a low: Big Gold is mixed: Big Debt is enjoying the

7

Big Iron dead cat run down

After a few hopeful signs and idiotic fundies, iron ore has suddenly turned down in Dalian this afternoon: Coking coal too: Aforementioned fundie dunces are still bottom fishing though with Big Iron roughly flat: But if you want to a new level in iron ore dumb then cop this from JPM: Iron ore’s 32 per

2

Big Iron dead cat rides!

Dalian iron ore and coking coal futures have recovered a little today: As has Big Iron after being flogged yesterday afternoon: But the chart damage is done. Indeed, BHP looks like it’s about to join RIO and FMG in the broken head and shoulders top club: We’re clearly already in oversold territory but I do

9

Fortescue stumbles to the brink

Dalian iron ore has held its overnight losses so far today: As has coking coal: Big Iron is mixed with BHP and RIO acting like they don’t care but FMG is off another -2%: Indeed, FMG is fast closing in the neckline of its lovely head and shoulders top formation in the mid-$5.70s: If that

2

Fortescue hits new lows as dirt shakeout builds

Iron ore futures are flat in Dalian so far today: Coking coal keeps falling: Big Iron is mixed as BHP pulls back, RIO jumps for no obvious reason and FMG, as well as WHC fall: FMG is sitting right on $6 as it approaches completion of its very attractive head and shoulders topping pattern with a

1

Aussie markets hiccup on China slowdown fears

The Caixin China services PMI is out today and what is usually a pretty marginal indicator seems suddenly to have crystallised lurking China slowdown fears: The Caixin China Composite PMI™ data (which covers both manufacturing and services) pointed to a weaker increase in total Chinese output at the end of the first quarter. At 52.1 in

0

Dalian falls as PBOC tightens again

The pressure DCE is not abating with it down -1.5% at the open: The reason why be still more PBOC mortgage tightening, via Reuters: The People’s Bank of China (PBOC) will strictly check the source of down payments by individuals purchasing property in Beijing, the Beijing operations office of the Chinese central bank said in a

5

Good ‘ol days return as Big Iron crashes

Dalian is open and soft but holding: The good ‘ol days return today as Big Iron is getting hosed: FMG is falling -5% and describing a superb head and shoulders topping pattern: The uptrend is broken but we’ll need to see it breach the $5.80 neckline before the topping pattern is confirmed. RIO has a