Ann: Quarterly Activities Report, page-12

You are absolutely mathematically correct joco with your comment on the hedges, but it's a factor that the market regularly ignores. For some strange reason I have noted that the USD price of gold has an undue influence on the AUD share prices of Aussie gold stocks. As the AUD price of gold directly depends on the the currency exchange rate and the USD price of gold, logic dictates that it should determine the share price of on-shore producers in practice it doesn't seem to do so. Similarly AUD denominated hedges can be detrimental to the price when they are below the current spot. They don't seem to provide much share price support when the POG in USD drops. This discrepancy applies to all Aussie listings even those that have almost zero North American support.