Australia finished down 8.2%

Apparently the entire stock market is now worth just under $1 trillion - why doesn’t Paulson just buy it?

stoked. i just picked up some MQG shares for $27.00! easy money

True but it could well be $17 by next week :slight_smile: I foolishly snaffled a bit of MQG at the (then) seemingly low price of $58!

I picked up some BHP. A gamble on the negotiations between Valer and China. Base metals aren’t looking good at the moment but I still couldn’t see the reason behind a 7% fall in BHP. Even with a 45% - 50% drop in spot price, Rio & BHP are still selling a a fair bit of their iron ore in the spot markets. Does any body know the reason behind this. Is it just to create a deep spot market?

Chinese customers of other iron ore miners (MGX) in particular have asked the miners to delay shipments of contracted iron ore - the reason? Stockpiled ore at ports in China. Basically iron ore demand from China is falling as Chinese economic growth slows and higher contracted ore prices takes its toll. If BHP and RIO are selling more on the spot market (where the price is now lower than the contracted price), then I’d say it reflects a lack of interest from customers in signing new contracts. BHP and RIo did sell a lot or ore in the sport market when the spot price was higher, which made sense then.