RBC cut KCN target 40% to $1.50. Current sp is still 2.16 after...

RBC cut KCN target 40% to $1.50. Current sp is still 2.16 after dropping 5%.
I think that, together with some investors possibly deciding to switch to banks today after ANZ’s update might be why the mid cap gold producers are off again today despite gold holding up last night and the HUI gaining ground as well.

In SLR’s quarterly they mentioned they would not need to change the current revised plan again unless the gold price fell to A$1000.
US dollar gold would have to drop another 30% again from here to reach that. If so, A LOT of other operations will be shut done worldwide cutting supply so I don't see $1000 as likely and if it did spike down to it I can't see it being sustained.
There would also be a strong chance that if gold fell to US$1000, the AUD would fall strongly as it did during the GFC so even with US$1000, the Aussie gold price might then be $1100 or higher; still above the price needed to force SLR to make further changes.
It seems quite unlikely that SLR will be at risk of not making a profit and I think this sp is factoring in a lot of negatives. Any rebound in POG is going to see big rallies as we had on Friday. A more sustained gold price rally back above $1525 should see SLR rally 50% in days.

It’s not all bad for the sector with RRL up 2.4% after its quarterly.
Hopefully the HUI gaining last night starts to offset this early selling and we see a rebound this afternoon.