Analysis: Gold heads into RSPT territory

Is a price of $US1300 an ounce high enough for the Australian Government to consider adding gold to its mining super-profits tax?


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The gold price in AU$ has fallen in the last month. On a related subject - how can our reserve bank consider upping rates with the AU$ rising so fast ? Oh ! I forgot - this is the same reserve bank that hiked rates while the Rudd/Swan Govt was "stimulating" the economy.

Dear Ed. I would hope the ‘smart money’ knows that in A$ terms, much of the recent increase in the gold price has been eroded by recent increases in the A$ against the broadly worsening greenback – that also goes for other US$ denominated commodities sold by Australian based miners. As such, and unless there is a sustainable change in that relationship (my crystal ball seems to have broken in October 2008), the answer to the question of super gold profits, if asked, should be what super gold profits? No sense in popularising something that does not exist.

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