Ann: September 2017 Quarterly Report, page-28

I know you're big on this theory loki about gold price fall in Nov/Dec.

From my watching the gold price of late is that it has been surprisingly resilient despite share market strength in the US and in almost every other equity market. Normally I would expect gold to be getting whacked on this price action.

US dollar index has failed at 94 repeatedly. Even on Trump budget news last week it couldn't rally. My theory is that it is in a holding period before another leg lower. If dollar index goes lower it is very unlikely gold will follow. Plus, the lower end producing gold stocks are already factoring in lower gold prices at current prices.

Seasonally it has been a weak period in last few years but seasonality it is not always a reliable indicator.