The only thing is that the last time this happenened, we were in an iron ore frenzy, and world knew nothing about subprime or credit crunch.
You could say iron ore is still the mineral of choice, but circumstances surrounding the market have definetly changed. It will REALLY good news to get GBG to its previous highs, and not just market sentiment or DMX.
However in the short-term, $1+ is a possibility based on TA.
