Z
I also thought that it could play out that way, but in fact the AUD POG seems to be outperforming USD POG to the downside because of all the capital inflow buying up Oz assets/housing and our banks' overseas borrowings etc the AUD is staying elevated relative to the USD.
The other issue is that gold is not droping because of a higher USD, but because (it seems) that demand is not great enough or supply has increased (or a mixture of the two), in which case the USD is not the factor and the AUD POG drops faster than the USD POG, thereby squeezing margins by a greater percentage in AUD terms. Existing hedges do help the local miners.
loki
EVN Future, page-20
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