Iron ore now tipped to go below $60 per tonne

After doing the previous post about The Daily Reckoning I went over to the Australian Financial Review (AFR) site to see what I could access there.

Back when I was buying the AFR almost daily I used to kind of jokingly refer to it as the 'most depressing paper in the world' and I would tell the lady at the newsagent the only way I could read it was to have about six glasses of red wine while doing so. Actually I was only half joking. Much of the news in the AFR was marginally depressing. Things like CEOs of companies getting paid $5 million per year plus share offering plus tax-paid bonuses.

So on the AFR site just now I found this.

[Image links to article on the AFR site]

The previous forecast that iron ore was going to get down to $70 per tonne was depressing enough. Now we have Chinese market experts telling us to expect it to go below $60 per tonne.

Trust me ... This is pretty crappy news for Western Australia, and for Australia in general. On top of this now we have gas and petroleum prices heading south because, believe it or not, there is a now a glut of gas and petroleum on the market.

Sigh . . .