How sad it is to see RIO's share price drift downwards like this. I fee sorry for long term holders...
The media has convinced us that there are absolutely no factors other than the pricing of iron ore price that drives share price. So, forget that RIO is the cheapest producer in the world, forget that competitors look to be on the verge of disappearing, forget that RIO is shipping record amounts of ore, forget that iron ore is nearly three times the price it was eight years ago when RIO's share price was higher - forget all that.
The media have so indelibly burned a bleak future for the mining industry into our consciousness that even if the price of iron ore went up to those extraordinary levels we saw a few years ago, we would simply say, "It will be worse next year".
Sam Walsh is generating plenty of wealth for Rio Tinto but that doesn't look like translating into a higher share price for share holders - today or tomorrow...
RIO Price at posting:
$59.40 Sentiment: Sell Disclosure: Not Held
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