From the gop-high in July 2020 gop went south by a total of around 10% (AUD-basis). In that time gold bugs index went down by a total of almost 30%. RRL lost over 60% from the high in July 2020 (which was AUD 5,80/share).
As - AISC are rising all over the place and - some buyers might have bought into a prospective gop-trend in July 2020 and - there is a leverage ratio of at least 2 for gold bugs against gop IMO in that time span (from July 2020-today) the development of the gold bugs index is not unreasonable. We also have seen some volatility with a somewhat disproportionate rise of gold bugs index between February and May 2021 which might have anticipated a continuing of the gop-increase but which proved to be a wrong assumption up until now. So the fall of gold bugs index from its YTD-high in May up until know IMO is well explainable.
I still think different for RRL, especially in the long run. The short term issues mentioned in other threads might be reason enough for part of the decline but in the long run value should prevail. And I cannont see any issues there, at current gop EPS will be well over 20 cents (leading to a P/E of well below 10).