Goldman Sachs has downgraded gold miners Randgold and Anglogold Ashanti to sell from neutral, saying both companies seem to be pricing in most of the benefit from both rising gold prices and successful project execution. Hochschild Miningwas was cut to neutral from buy on valuation.
Goldman is keep Anglo American and Antofagasta at buy,on a combination of strong expected cash returns and volume growth over the next few years.
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