I agree with your analysis.
Gold price tends to get lower whenever the USD is in demand (hence higher exchange rates to other currencies). Oil price has been on the vicinity of 85-95 or even higher. Current safe haven seems to be USD to many.
However, a lot of analysts mention the fear of higher inflation which may lead to economic recess in 2023. It creates big fear. I won't be surprised if Gold price will rise again and become the safe haven to people rather than in USD.
ADG should just focus on finalising their studies at Adelong making them ready for FID. Whether the development to take place immediately after FID or not, at least they're in the better position for funding or even takeover by bigger Gold producer.
my 2c, not financial advice.
I agree with your analysis. Gold price tends to get lower...
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