$CHIFENG GOLD(06693.HK) barely moved, $Newmont(NEM.US) dipped slightly.

The revenue for both is directly tied to gold prices; theoretically, they should rise and fall together, but in reality, there's a divergence. Hong Kong-listed gold miners are more closely aligned with domestic capital's pricing of safe-haven assets, while large US-based mining companies still carry the burden of mine costs and production guidance.

With the same gold price, why is there such a big difference in how miners on both sides react? Is it due to divergences in cost structures, or is capital simply shifting markets to hold gold? 😳