Since the budget last Tuesday the POG in AUD has been well above...

Since the budget last Tuesday the POG in AUD has been well above
$1600 yet this has not helped NCM or other ASX listed goldminers.

For example, the POG today is $1638 ($1603 AUD) & SP $25.35
POG on 05 April was $1625 ($1579 AUD) & SP $28.05
POG on 05 Mar was $1715 ($1599 AUD) & SP $32.49
POG on 06 Feb was $1730 ($1612 AUD) & SP $33.92

While the POG in USD has varied $105 USD over this period, the POG in AUD
has only varied $33 AUD; yet NCM SP has dropped a massive $8.57 (25%)

Broker valuations are $35+ with Invest Smart survey (8 Brokers) of the
26th April being $35.30.

Is this panic selling or am I missing something?
With kind regards
Moorookamick