Is today the day to buy BHP Billiton Limited?

BHP Billiton Limited (ASX:BHP) has defied further falls in the iron ore price. Is this as low as the stock will go?

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Shares of mining giant BHP Billiton Limited (ASX: BHP) have managed to defy further falls in the spot iron ore price overnight to be trading 0.5% higher nearing the end of the session. The jump has the stock above the $34 mark once again after it dipped as low as $33.55 earlier today.

The falling iron ore price has certainly left its mark on Australian miners who have all fallen heavily in price in recent weeks. While BHP is still sitting more than 14% below its August peak, Rio Tinto Limited (ASX: RIO) and Fortescue Metals Group Limited (ASX: FMG) are down 10.6% and 25.5% in the same time. The nation's smaller miners have been hit even harder given that they operate on far higher costs.

While BHP Billiton is by far the safest way for investors to gain exposure to the iron ore market thanks to its high level of diversification, investors may want to remain on the sidelines until volatility in the sector begins to subside. I believe the miner's shares could fall below their current level to give investors an even more attractive point of entry.

The BHP Billiton of tomorrow

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