Iron ore falls, miners pull a Costanza

Dalian is moderately ill today: But it’s Costanza day on the market, “do the opposite”: Perhaps it’s this tripe from CBA: “Rising seaborne and domestic Chinese supply and muted restocking demand help explain the recent slump in iron ore prices,” he says. “The higher prices that prevailed earlier this year likely reflected temporary factors, such


Iron ore crashes, ASX jumps

Iron ore has re-opened in Dalian and immediately sunk to new correction lows, coking coal is down even harder: Big iron ore down a little but not enough. RIO’s coconut business is booming: Big Gas is down and STO is paying for its magnificent strategy of blackmailing the country: Big Gold plods on: The Big


Ponzicoin could go to million or zero

Exactly right: And this: Bitcoin is the original cryptocurrency, and its meteoric rise has made it a mainstay of conversation for investors, media, and technologists alike. In fact, the innovation of the blockchain is changing entire markets, while causing ripples with central banks and the financial industry. At time of publication, the bitcoin price now


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


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


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


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