The most recent Gold price prediction I can find from SSGA is 2200 USD (say 3200 AUD). If you look at a declining Duketon AISC at 2600 AUD recently and Tropicana at 2700 AUD recently then it's not very surprising to see it being shorted and all the funny business from SS. Especially when funds are probably exiting poor performing gold ETFs in order to chase equities that have actually performed in the last 3 years.
My own calculations of NPV for McPhillamy's at a gold price of 3200 USD actually look pretty good. And yet, the news of the $1B cost was universally hated by people both long and short on RRL.
SS know that there's no reason why anybody would be buying RRL. It's not going up and it's not paying a dividend or really at risk of paying a dividend. The former of those might change, if there's a recession.
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The most recent Gold price prediction I can find from SSGA is...
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