Feb 2017 Forecast, page-140

Long term low in AUD likely in place so AUD likely to rise against USD over coming couple of years. If gold price didn't move during that time (hypothetically) that would result in drop in gold price in AUD terms, thereby reducing profits of Australian gold producers. So even if gold price goes up, but if AUD going up similar proportion then effective no change in gold price in AUD terms - we need gold price increase to outpace AUDs increase against USD - which is what is looking like going to happen - but don't rely on AUD dropping as that is not a strong likelihood now.