Ann: Quarterly Activities Report, page-75

@hazz55 US has more debt per capita on property than australia last time i checked - but its a global issue

all central govs will be slow moving rates for that reason + high corporate debt

dont see servicing issues being worse in aust vs US on avg - the toppy capital city markets probably have more risk but thats true in both markets

Generally AUD doesnt move so much on rate differentials but as a proxy to China growth views - there was some serious money for our bonds during gfc - but now i doubt its that big a demand. we're generally seen as reliant on external economies for our growth - so we arent a safe haven play unless China is seen as rock solidand our growth is ok but not the match of some se asian countries that have the same forces acting on them

question will be whether relative confidence in china or US tops out first i would guess

the strategists I;ve hear talk over past few years generally thought 2020 would be around when the current global expansion would top out

til whenever that happens i think gold/silver and stocks get a stealth bid rather than any bold bull market. if thats right then i think PM stocks will be viewed on their profitability and growth outlook in a fairly steady state environment - not on major gold spot price upside hopes

lacking that rsg is now challenging for a trading buy but net good on the 2-3 year view imo. the discount to peers is so cheap even a cap raise if required would still leave good upside i woudl think - though can never assume

i just dont like the mgt messaging record now. suggests some wishful thinking and stringing of investors along. market gave it a pass on Dec miss because it implied a big catchup in March.

Now that hasnt materialised - i would think soggy few months ahead unless PM spot does something bullish

its almost like a super highly capitalised and experienced developer at this point - not a producer

the execution risk will be what worries funds until that fear is addressed