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Biggest Gold Miners Are Missing Out on Bullion’s Record Run
The world’s biggest gold miners are at risk of missing out on the metal’s record run after spending billions of dollars to become the obvious home for bullion-focused investors. Despite gold hitting all-time highs almost daily, Newmont Corp. shares are down about 6% this year, and rival Barrick Gold Corp.’s are down about 2%. That’s turned the industry orthodox of producers outperforming the underlying commodity on its head, baffling observers. “I’ve never seen it dislocate quite like this,” said Peter Grosskopf, chairman of SCP Resources Finance LP and former chief executive officer of Sprott Inc. Gold ... (full story)