I would say it has to do with the capital flight, not to do with the underlying gold price. Any foreign institutional fund invested would have sold marginal investments super quickly to get the money back on their margin calls in USD. This is reflective in the sell down of the AUD and jump USD index.
Gold companies are actually very lucky right now - as their margin on every ounce of gold is great than $1k - prudent management would now see Gold Company CEO's now deploy free cashflow to initiate share buy backs (not Dividends!). This most effective way to improve shareholder return when foreigners are dumping everything.
WGX Price at posting:
$1.63 Sentiment: Hold Disclosure: Held
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