...the positive impact to AUD Gold is typically larger under a weaker AUD and at least modestly higher gold price than a strong AUD under a stronger gold price.
...So AUD Gold will do wildly better when equities crater, USD rises with Gold and a collapsing AUD (Risk Off).
...Imagine a $2800 Gold with AUD at 62c, we get A$4516 Gold; $3000 Gold with AUD at 70c we get A$4285 Gold
...So while Gold rally with equities, USD Gold will do better while AUD Gold will do better when Gold rally after the market crashes.
