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clock Created with Sketch. 06/07/22
15:55
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Originally posted by hightrax:
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Dive in $US gold to $1760 this morning......WGX price drops to $1.18. Just like that. As usual the $A drops too in step as it usually does, because all those currency punters O/S think all Oz produces is gold. A$ gold price remains around $2600. No significant change. Cash flow of WGX and all other Oz golds unaffected pretty much. This has created a situation where the seemingly utterly unsophisticated Oz punters think their gold stock has been hit. Wrongo!! But it does create an opportunity to trade on the irrationality of Mr Market.
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In addition, oil price fell sharply overnight to US $99 which in turn lower's energy costs for Gold producer's like WGX
(20min delay)