Shorts Pulverized As Iron Ore Soars 19% After Goldman Says "Bearish Case Intact"
Goldman does it again.
Just hours after the central banker-spawning investment bank issued a report in which it said the iron ore rally is likely to be short lived "in the absence of a material increase in Chinese steel demand, and steel raw materials will once again drive steel prices rather than the other way around", overnight Iron Ore futures traded on the Singapore SGX exploded as much as 19% higher to $58.95 in one session.