Mid term SP, page-4

Some of the recent PoG strength has been as much about USD weakness as it has been gold strength.

Also Aussie gold mining stocks have been rallying since Nov 2014 and were already up significantly where as the USD gold miners only bottomed at the start of this year. So they had some catching up to do.

That said the recent CPI figure has put downward pressure back on the AUD which will be good for Australian gold mining shares.

Even more positive for MML is that the PHP has weakened markedly this year against the AUD (helping to lower MML's domestic costs relative to other Australian miners).