NCM chart, page-7

The gold price in AUD has never been worth more than today, it even exceeds the all time high in 2011 when the gold price in US$ hit its high, AUD equivalent price. One can only imagine how high the price in AUD will exceed AUD$2000 once gold price challenges the US$1360-75 range and exceeds it. This is a great time to be in high end gold stocks, set against a backdrop of huge market and geopolitical risks, excessive debts in a global macroeconomic environment edging towards recession NCM seems undervalued on all measurements as I see it.

JFI