My take on SLR: - being a high cost producer SLR is very...

My take on SLR:

- being a high cost producer SLR is very sensitive to the price of gold. My personal view on the price of gold is that it will be a increasingly used as a store of value for the Indians and Chinese. However interest rates are normally inversely related to the POG (as gold doesn't produce a yield). With interest rates going up there are two opposing forces in play and who knows which one will win. The other side of the POG from an Aussie perspective is the AUD. I'm a firm believer we are going to see a lower currency (AUD) once (if) the housing market really hits the wall. Iron ore prices though are crucial here also.

- secondly SLR "should" produce a great quarterly report for the March quarter with good cash-flow generation. This hopefully generates a rerate and uptick in the SP.

Lots of known unknowns here and any conversation on the AUD and POG no doubt has numerous unknown unknowns!