I’ve been tryna work it out too, what confuses me is if it’s the macro why would only RMS be performing so well and literally only 1 or 2 other producers too.
Leaving aside M&A theories, I figure its because RMS has the best growth profile of all the ASX producers. MGV integration and Rebecca-Roe new hub will set us up very nicely in the medium term and all growth can funded from existing cash and cashflow.
On the macro, maybe US money is buying the quality ASX gold stocks to gain when the USD eventually falls which would typically coincide with a higher POG so they get a double whammy when they eventually sell at highs in 6-12 months and repatriate their USD. Gold didn’t react as expected to the pause in US rates because bond rates and the USD are still flying. Maybe as things evolve over 6-12 months we will see POG breakout higher and benefit all the producers.
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