scribbling with the crayons again
the bottom ratio is aussie gold miners to ausie gold.. i wanted to see what it was most correlated with, and it turns out its most closely related to the AUD/USD exchange rate..
i guess its driven by capital flows into or out of the country based on the trend in the currency and far less correlated to the price of gold.
another observation is that peaks in the XGD do not coinside with high ratio of miners to gold, they do coinside with trend peaks, it woudl appear to me that foriegn money left australia (the XGD) prior to the GFC, and never came back to the XGD to the same extent afterwards, perhaps their core positions were sigfnificantly reduced due to long term downtrend in aussie dollar and they came in to a lesser extent on a more opportunistic basis (they being the big guns from the US.. black rock, state street, vangaurd and the major banks)
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