looks ok to me, page-38

late 2008 - GFC1 not that long ago

AUD POG is effectively a currency play. Buy it while the AUD is high and sell when AUD crashes (which it will)

dollar plummeted to 0.60 USD in 2008. Despite falling USD POG the AUD POD rocketed.

Same thing will happen again.

The risk is that equities will be smashed through an unwinding of the carry trade. Foreign dollars invested in oz gold companies. However, I think it would be safe to say that AAM is immune to that problem. AAM vaccined themselves up big time by not delivering whilst the carry trade windup was underway during this year. LOL

GC