Yesterday Macrobusiness put up a post about the iron ore price, subtitled ‘the dream is over’:
…’cause they’re closing!
…or so I figured…. Surprisingly, it was just another tepid iron ore price post, and not an announcement about Davo’s imminent retirement, which I had been expecting.
Recall that 342 days ago (or is it 343? bloody leap years…), Davo committed to hang up the shingle if iron ore was over $80 on 11 December 2020:
So here we are, just 23 days from the due date, and even with the tailwind of a global disease calamity much bigger than Macrobusiness could have imagined, it looks like the $80 iron ore prediction is set to join a veritable echelon of other rubbish predictions.
This, of course, includes the famous “$20 iron ore” prediction, which goes back at least 5 years, like here in 2015:
and has been repeated recently…like here a few months ago:
This has $20 iron ore written all over it.
Inquiring minds are probably wondering exactly how the $80 prediction had played out over the last 12 months. Well, this is how:
…Couldn’t have done any worse. $80 is precisely the level that the iron ore price could not get below. How funny is that?!
Of course, there is a litany of other funnily woeful Macrobusiness predictions, recently documented at the EZFKA:
Looks like it will take some sort of Christmas miracle to save Davo! Retirement beckons….