I looked at % change in gold vs % change in other asx listed...

I looked at % change in gold vs % change in other asx listed goldies (not all strictly goldies). I didnt do the plots again as they dont look too different.

The y value in the plot gives an upper limit as to how much of the variation in % change in SP can be described by the variation in % changes in POG.

In all cases the value is quite low indicating that changes in POG does impact share price but not by much. Or gold by itself does not predict SP.

AQP for example, at most 10% of the changes in its SP are because of changes in gold the remaining 90%+ is from other factors.

It only gives an upper limit as some factors that influence gold may also influence the SP.

A value of 1 indicates perfect correlation (e.g. amount paid vs litres pumped). A value of 0 indicates no correlation (the response in atvs SP to sales of rice in china)

The results are reasonably strong and indicate that the correlation between SP and gold increases with increasing MC.

Larger companies are more correlated with gold than smaller companies.

atv 0.02
ncm 0.08
pxg 0.023
rsg 0.04
sbm 0.04
kcn 0.02
iau 0.002
gor 0.001
mml 0.07
cto 0.004
fml 0.015
tam 0.0002
rrl 0.017
rms 0.028
ngf 0.08
mdl 0.014
wgr 0.0014
bdr 0.016
chn 0.026
sau 0.006
sih 0.0056
mat 0.023
aqg 0.107
igo 0.048
tgz 0.0623
pna 0.0424