RED just seems to be following the broad USD gold price trend:
Sucks, because USD gold will go lower if USD goes higher, which is likely with further rate rises. A lot of the charts for Aussie gold stocks look tha same - must be driven by US index/algo trading as suggested. Obviously an opportunity here as gold will turn (at some point).
If the AUD stays in the low 60's, even if USD gold falls to the $1,400's, we still get AUD$2,200 or better. So still profitable in AUD terms.
It's irrational that US funds would sell profitable Aussie gold miners, but this is the market we are in.
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