For all the attention lavished on gold for its relative durability during this global dash into risk, the real story could be the companies digging it out of the ground.
A growing chorus of big names including everyone from the quants at Bernstein to Pictet’s multi-asset team is turning increasingly bullish on miners as late-cycle angst and industry shifts make conditions ripe for a prolonged rally.
Mining shares have gained at almost twice the pace of bullion this year, even as the metal hit a 10-month high on Tuesday, and the evidence suggests they can outperform the physical metal in an economic slowdown.
KEFI Minerals plc (LON:KEFI) is focused primarily on the advanced Tulu Kapi Gold Project development project in Ethiopia, along with its pipeline of other projects within the highly prospective Arabian-Nubian Shield.