Good afternoon lads; did you miss me?
I came across this delightful, uplifting story, regarding iron ore and how one of the CEO from the 2nd largest producers of it said it was about to ‘fizzle out.’
Here’s what he had to say.
Iron ore prices “may well soften in the second half,” Walsh told reporters after the company’s annual shareholder meeting. “I’ve said all along that we expect the iron ore prices will be volatile. That’s what we’re seeing.”
Iron ore is up 55% since December on imaginary demand from China.
When asked about being the Saudi Arabia of iron ore, messing up markets with cheap ore, Jan du Plessis, Chairman from RIO (what is he Dutch?), said it was “an absolute nonsense.” We have no desire to squeeze anybody out of the market. We’re not flooding the market. We’re not trying to be Saudi Arabia at all.”
Obviously, he’s lying.
RIO’s share price is up 30% over the past 3 months.
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Anyone partake of the $RIO gain? And I want to know your net/gain loss on the stock; not just that you made the gain and booked it or are riding it without mention what you have lost on this stock and are still making up for a loss?
I do understand that you may not be looking at it over a multi-year period of time and that you’ve been in and out of the stock; but I am curious.
I miss the young and volatile Le Fly. This old man version is too conservative and only interested in writing blogs whilst sipping tea on his porch.
We all age
Oh, Hi M. Fly. Of course I would miss you, didn’t notice it wasn’t you if it wasn’t, but I’d rather you take a vacation than pack up and leave altogether. I have abandonment issues.
That’s OK. In the second half corporate earnings for other sectors will recover and we will eat candy and hop on the $SPY carousel for a ride up (extra dry).