$CHIFENG GOLD(06693.HK) basically didn't move, $SD GOLD(01787.HK) fell slightly — when gold prices are hovering at high levels, Hong Kong-listed gold stocks are actually lacking momentum. Gold prices haven't fallen sharply, but mining company stocks haven't kept up. This situation of stable gold prices but weak mining stocks has been recurring recently: is it due to cost pressures on mining companies, or are funds shifting their gold exposure from mining stocks to ETFs and physical gold? I suspect the latter is dominant — the widening discount of mining stocks relative to gold prices looks more like a shift in holding methods, not a deterioration in fundamentals.
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