i traded gold in that long period from the break of $400 in...

i traded gold in that long period from the break of $400 in 2006. the future was bright. gold kept going up and yes those holdings went up but not the same extent as pog in USD or gold shares
try it and experience the same disappointment with the return on the biggest gold bull market since 1980
then review it and realise there is a big currency issue when you pay aud for your gold and gold is tied to the USD

then realise you are better off leaving pure gold out of the trading portfolio and stick with shares
I traded US futures for awhile and in the end came back to our goldies. pure and simple

there seems to have always been a lag between aussie golds like rms and the ones with overseas market holdings like try. they moved together but there were lags

i had a close look at it in that period from 2009 to 2011. the aud rose with gold at the expense of the USD
I learnt not to worry about the lag and found they did follow both up and down and it actually helps. it gives you a window of time to make decisions
I dont know if that helps or not but a lot of this seems pure theory. the bottomline is the reality
then you add in the hedging and the currency issue and end up scratching your head
@loki01 is very good at drilling down and reading the quarterlies and coming up with sound conclusions on direction for his favourite goldies and the issues they face

for myself well this year saw the end of agg and ncm in aussie for me
I am left with an ever dwindling choices in the aussie goldies and the pog macro does float them all from the lows. the hard part is which ones to hold when they are at their highs. normally none
interesting that evn is moving to other macros. the future may be green but like whc and coal there are a lot of years and choices yet