by Danielle Bochove
The head of Randgold Resources Ltd. says the rebound in bullion prices this year could be doing more harm than good for the companies that produce the precious metal.
Gold’s 17 percent rally this year to about $1,240 an ounce has made it the best performing major asset. The gains follow three straight years of annual declines that prompted some miners to trim production to help stem the rout. Many producers are saddled with large debt loads, and while shares have surged in 2016, the gains come after steep losses. Randgold’s London shares, down as much as 1.6 percent Tuesday, have surged 54 percent this year.