EVN chart, page-2402

You're wrong. Idle wanderer is correct.

At its most basic level companies are valued based on a multiple of profit. Take:
gold miner a) makes $100 profit per ounce
Goldminer b) makes $500 profit per ounce.

All else being equal with geographic/company risk etc, and the gold price goes up $500/oz.

Gold miner a) profit has increased 500‰
gold miner b) profit has increased 100‰

Gold miner a) share price should outperform miner b).

This obviously works on the downside as well with miner a) getting smashed as it's margin is evaporated with only $100/oz fall. Miner b) will be more robust and less risk of bankruptcy.

Same is true of any commodity. Sensitivity to the price of your product is key.