Everybody is thinking Australian miners will conquer the world as they have by far the most profitable gold mining companies. Although part of that could be explained due to far better management than their global US peers, currency on the other hand plays a large part too.

Remember both the AUD and CDW were far stronger in previous commodity bull markets, so this could impact future mining profits even in a rising gold bull market.

During the early part of last bull market gold in AU$ performed far less by 2006, when US gold already had doubled to $500, Gold in AU$ only went up 40%

A chart by Kimble charting shows the possibility of an AU$ bottom:

https://kimblechartingsolutions.com/2018/11/commodities-metals-scream-higher-says-joe-friday/

The same phenomenon happened with gold in Cad$, although here the currency effect was less pronounced, as in Cad$ there was at least a 50% increase in gold by the end of 2005.

Conclusion: do not write off US assets as in the next bull market currency effect could play a large part of any future performance.