Our producers are strongly outperforming now compared to the HUI with NCM up 30% from lows (and many mid caps doing better) while the HUI is only up 11.5%. Ours were hit harder from highs so it shouldn’t be surprising to see them rise faster off lows. Especially with AUD POG up since April lows while USD POG is still well below April lows. USD POG has also formed a short term uptrend now. Being so close to global cost of production may be reason enough for the low to hold and this up trend to develop into a major new uptrend.
If we are lucky, last nights dip was all the retracement gold needed before moving higher again. We shouldn’t hold our breath of course but it is certainly looking stronger in AUD.
Now we have another $20 gain in AUD gold for Monday for our producers.
higher low?, page-62
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