A small upturn in the gold price in the past two weeks has fired up the share that used to be known as “the Roodepoort rocket” — DRDGold. With the gold price turnaround, gold bulls have renewed their predictions of a gold price recovery and DRDGold, which is well traded on Nasdaq, is the most leveraged of SA’s gold shares to a rising bullion price. But there may be more behind the move. Over the past four weeks shares in DRDGold have gained 33.7%, compared with a more modest 6.9% gain in AngloGold Ashanti, 9.45% for Gold Fields, 14.2% for Harmony and a negative 15.5% for Pan African Resources. In the same period the rand gold price has slipped 0.43% to about R455,000/kg, mainly because of an appreciation of the rand to the dollar. Asked if there was anything more behind DRDGold’s share price outperformance, CEO Niel Pretorius said last week that he did not know, “other than needing to point out that DRDGold is far more geared to the gold price than most of the other gold producers, ...

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