Fundamentals haven't changed, page-361

The ratings agencies are starting to see risks in Australia with Moody's dropping ratings on 12 financial institutions today.

https://www.*.com.au/moodys-downgrades-the-major-australian-banks-2017-6

The AUD has had a recent lift off the back of that strong jobs report and apparently wasn't swayed too much by today's news.

Tightening consumer credit, low wage growth and over indebtedness in consumer land are not a great mix for the economy.

There is every possibility that with commodity prices like iron ore and energy backing off once again from their recent rally the conditions here could worsen quickly. The commodity and housing sectors can only play ping pong with one another for so long. If they start pinging and ponging in phase with one another that will make it difficult. Pile on top of that foreign competition in our retail sector and well, what have we left.

When the low AUD arrives in a serious way the smart money (in Australia) might wake up and come to the local gold producers. Imagine if those ETF parasites needed to really compete when margins for Australian gold producers start going through the roof.

Well that's a possibility of sorts for the future.

Eshmun