Back on the 6th of this month (here) I posted how the experts were saying that iron ore could fall as low as US$70 per tonne by Xmas (well, early 2015 actually). Well it slid down to US$70 per tonne today in one single 2.8 percent fall; a month and half before the New Year.
If all West Australian's lived in a big village with one of those huge bell towers in the middle that they would ring when bad stuff was coming to the village then right now there would be someone up there ringing that bell.
On top of the iron ore price falling, the Australian stock market has fallen by 2.5 percent over the last three days. This is a huge three day fall. Why it is not making headline news I don't know. FMG stock has fallen just over 17 percent since Monday. A stock like FMG falling by 17 percent in four days would normally be top of the news.
I will be buying tomorrow's Financial Review to see if there is any coverage of this.