We wrote about our top-down gold investment thesis and the companies best placed to benefit in our February 2016 update. As stated previously, gold’s investment case has merit given the unprecedented level of global QE and currency debasement, and we have become increasingly constructive on gold given the return of negative real interest rates across the globe. We also like gold as a hedge to global market volatility. We have a particular interest in the Australian gold space leveraged to A$ gold. Specifically, stocks that are: 1) Strong free cash generating mid-to-large-cap producers with self-funded growth; and/or 2) Emerging producers boasting high-margin, low capital-intensity assets with solid mine life and/or exploration upside. Read on for our view on two Australian gold stocks.