I don't hold any stock in GMG or GPT currently, dumped it all. Could be the wrong move, and markets could shoot up again over the coming months. But its not the feeling I get looking at what is going on in the world.
China's market is already down as of 1pm 2.5% today and I would expect it to keep dropping as weak US demand continues. Remember also Australia really needs demand from China to prop itself up, as demand fades I would expect things to get sluggish.
Its also expected that 3.5 million homes will face forcloser this year in the US, that is up from the 1.4 million in 2008. Less money and more loses mean weaker exports to the US from China driving demand for our resources down.
My thinking is the knock on effects will catch up to us and bring the value of things in Oz down as well.
GMG Price at posting:
$2.68 Sentiment: Sell Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)