Good thread but I think you are reading too much into it.
The market is not that sophisticated.
All depends on USD and as a result POG.
If we see a weaking trend build in USD , AU will appreciate and when the trend is clear the market will pile into the goldies. Majors 1st, then mid / small cap producers or about to produce with large reserves then and only then the explorers. Only thing you have to worry about is hedging.
Anyone holding gold stocks at the moment is convinced for whatever reason a bull run in gold is a good bet. If this eventuates it will not matter where their mines are located. It will be a momentum thing that the market constantly over time has turned into an artform.
