And that is why I am 50% in gold/silver bullion (in my physical possesion) and 50% in Aussie gold stocks. One is a bit of a hedge against the other as the stocks respond more to the $US price of gold, but in a deleveraging crisis the bullion will perform in local currency.
In the ultimate meltdown (coming in my opinion), both will rise.
Ann: Quarterly Activities Report , page-147
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