Company specific factors include the uncertainty around McPhils and the prevailing view that the company overpaid for Tropicana. I don't think the hedges really are an issue. They were known at $6. Already factored in well before we hit $2 and change.
Non company factors include:
1) misplaced trust in the fed to raise rates and resultant pessimistic gold price forecasts and2) opportunity cost of not investing in hot sectors. E.g. reflation, battery metals, uranium, other commodities, crypto all provide 'better' momentum.
Gold really needs the BTC bear market (which is coming) and the taper tantrum. Be interesting to see how relatively new retail traders deal with no liquidity when everyone heads for the exits. A Chinese move on Taiwan or a Harris presidency could also stoke real fear.
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