both LHG and NCM are heavily correlated with eachother and spot...

both LHG and NCM are heavily correlated with eachother and spot gold.
This has not always been the case as the mines used hedge their production very far into the future. Thus the spot price of gold didnt directly affect the p/l of the mines in the short term.

however, when the spot price jumped they lost out heavily and stopped hedging. This is still the case now. so their p/l will be directly affected ..... so 2 the stock price