Gold

9

Big Iron hysteria builds as miners move into coconuts

There really is no accounting for people. They are crazy. Dalian has lost some of its overnight gains today: But Big Iron hysteria is in full swing as miners move into selling coconuts. BHP is up, RIO is powering into its next boom and FMG surging another 5% even though it is giving away dirt at

7

Iron ore sinks as Chinese yields rip

Chinese yields are putting on an extraordinary display. Interbank markets remain tight for SHIBOR and repo: But what’s really going nuts is bond yields: You will have noted, I’m sure, that such bond bear markets have preceded all three major Chinese slowdowns in 2009, 2012 and 2015. The further this runs the more likely it is

7

Banks: Adieu cash machines, hello public utilities

Dalian is still bid a little today: So is Big Iron ever hopeful: WHC breaking as coking coal spot fell another 3%… Big Gas is sideways: Big Gold bouncing: Big Debt is getting hit again and now doing chart damage: MQG downgraded the sector today. What’s to buy? Highly leveraged utilities exposed to a massive

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

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