AUD was off about 1.3 percent last night. Gold was off about 1.8 percent give or take.
AUD gold today down about 0.5 percent.
The question is - is the end of the risk trade, the carry trade going to cause a massive short run on the dollar - precipitating another crisis? If so - the gold will hold it's own relative to a massively strong USD because of the flight to safety aspect. AUD will tank.
AUD gold will look pretty damn nice.
But if trade is all normal - then likely it will match last night going forward. Which means USD gold will sink faster than the AUD - making AUD gold a bad place to be as people move back into the usd.
http://www.cnbc.com/id/33870584
Tonight is going to be very interseting in this regard.
