It’s worth noting that North American gold equities are still trading on multiples over 30% higher than Australian listed gold equities. This is despite the Australian stocks maintaining stronger margins. Unsurprisingly it appears that much of the buying in local gold producers appears to have come out of North American and European institutions. This performance does help the entire metals and mining complex. While at this time it appears unlikely, we remain cognisant of the risk around US rates rising faster than expected and negatively impacting commodity prices in general.