Yes, the income side of the Australian gold miners is completely dependant one the USD POG, but as most of their gold is mined in Australia a considerable amount of their expenses is paid in AUD, especially wages. This would increase the margin of the Aussie miners.
NSTs gold production right now is coming roughly 80% from Australia.
We have already seen this happening in the past, which resulted in an outperformance of ASX gold miners relative to their US/Canadian peers.
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