Gold

Big Iron is consolidating after yesterday’s breakout.

Dalian is open and immediately up another 1%.

The yuan is sinking to new lows again today as the US dollar charges on: Nobody cares for now with sentiment for the inflation trade still high.

In the bullish corner, we have Macquarie Bank: The global IP recovery is continuing post its December 2015 nadir of +0.4% YoY, with the latest reading being +2.0% YoY in August 2016.

Big Iron is hanging on as Dalian is still down a solid -3% from yesterday’s highs.

Big Iron is still struggling to catch a bid today despite Banana Man holding most of his overnight gains on the Dalian exchange, down just three points.

Big dirt is down again as China anxieties grow.

Big Iron is off sharply as the US dollar rampages through Asia and S&P futures fall sharply even though Dalian futures are up three points again.

Big Iron has hit the proverbial today with BHP -2.3%, RIO -1.7% and FMG -3.5%: Dalian is only off one point at the open but wider market action is not encouraging for dirt with a rampaging US dollar (which is off a bit on a GBP rebound) and tumbling CNY.

Markets cannot get enough iron ore today with BHP 1.7%, RIO breaking out at 2% and FMG 2.2%.

Dalian has re-opened this morning and immediately shed 1%.

Big Iron hasn’t got the Chinese tightening and rising US dollar memo.

From Bloomie: “The way we think about it is, gold looks to be 20 to 25 percent overvalued,” Chadha said in an interview with Bloomberg TV on Tuesday.

Big Iron is down today as markets fret about the Fed.

From BofAML: Spot gold prices continue to consolidate after an impressive 30% rally from the December 2015 lows.

Though not all.

There is no OPEC deal but the Jedi wave of its hand is enough and off we go.

Big Iron is running on the spot at the moment with BHP -0.7%, RIO -0.3% and FMG 1.4% as Dalian is up 1% today: BHP is still fighting to break through its bullish ascending triangle pattern and FMG may be forming a mighty double-top but neither is confirmed.

Dalian is down 2% today taking Big Iron with it.

BHP is still trying to break its bullish ascending triangle pattern today down -0.2%.

Big Iron is running again as Dalian adds a few points.

Here’s the latest from Reuters in iron ore: Surging coal prices are prompting many Chinese steel mills to opt for higher grade iron ore to boost efficiency and use less coal, forcing suppliers of low-grade ore from India and Iran to offer deep discounts to attract buyers.