US gold stocks have struggled compared to their ASX-listed peers because they haven’t enjoyed the benefit of a weak domestic currency, i.e. gold has recently corrected $US250, or -12.3%, but in Aussie Dollar terms, the pullback has only been -10%, and over recent years with the $A correcting ~20% the relative performance has been far more pronounced.
- We have been long Barrick (GOLD) since March in the International Equities Portfolio and it’s been a tough journey with the surging Greenback weighing on the gold price in $US terms.
MM remains bullish toward GOLD
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