pretty obvious what's going on here ... , page-9

In order to use NCM as a put option you need to be sure that the share price follows very closely the gold price.

Well - it doesn't.

I am a long term holder and trader of NCM. It is difficult to get it right. The stock tends to move down with the gold price, but not up.

Then, it will give a sudden, euphoric run up, once every few years.

Then, back to cycling around a fixed price. Stubborn. Drooping.

NCM tends to lose out because appreciation of the Aust dollar takes away the "rise" in POG - which in turn is partly just debasment of the US dollar.

But one day, the aust dollar will pull back, gold will get up even higher, and NCM will gallop up to $60 ... but when? I cannot say. Might be years off.