A feature of gold’s record-breaking price performance in the past 12 months has been the relatively lacklustre response of the metal’s most prominent miners. The two biggest, Newmont and Barrick Gold, are unchanged over 12 months compared with gold, up 20.7%. The VanEck Gold Miners ETF, which invests in more than 50 gold miners, predominantly in North America, is unchanged from a year ago even as gold reached a record nominal high of $2,441 an ounce.

Shares in AngloGold Ashanti have been similarly disappointing in the past 12 months, down nearly 7%. Since January, however, the company has completely outperformed rivals, up 27% compared with a 2.4% gain for Newmont and Barrick Gold down 2.5%. This suggests the rerating desired by AngloGold boss Alberto Calderon might be finally in motion...

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