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Investment Idea: Gold Miners

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Investment Idea: Gold Miners

  • We estimate that current share prices fairly reflect both groups' intrinsic value at current gold spot prices.
  • With the increased significance of gold miners in the benchmark, we feel it prudent to increase our exposure to the sector.
  • Accordingly, we upgrade our underweight positioning in these counters to neutral but maintain our underweight stance to the sector as a whole.
  • We prefer AngloGold relative to Gold Fields, given its exposure to good-quality, lower-costs mines in lower risk geographies and its more attractive valuation.
  • In our opinion, AngloGold is also better positioned to deal with an environment where current spot gold prices cannot be sustained.
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