Randgold has double in the last few months, as I've watched but not got involved. I've looked through the accounts and there's not much there, but there is a huge p/e ratio. I think it's valued based on assumed reserves, which is fine, but there are several other names more based on earning multiplies, and therefore more upside potential (if they don't hedge.) As a note, it's really important to look at risk management section in the accounts because hedging can be fatal in a rising market as has been seem many times. The big risk is selling too much, which can either be short term, or longer term hedging.
Anyway, I prefer things like AUCO as the ETF, but AngloGold Ashanti's worth a look or Peter Hambro Mining (POG.L) looks much better value, especially given the relative change in the last year as it's had the Russian decline added to the gold price fall. Hambro is a scion of the banking family, seems very straight and proper and has extremely good connections, so I am less concerned about the emerging markets risk than possibility the bankers have persuaded them to do something silly...
