Re the focus on current production cash cost...It's the higher...

Re the focus on current production cash cost...

It's the higher cost gold producers that offer the most short-term upside exposure to an increasing gold price. Profit margin in high cost producers is more sensitive to rising gold price.

My preference is for relatively high cost, unhedged, well-managed producers with the scope to become lower cost producers in the medium term. Good profit margin gains in the short term with steady gains to back it up over the medium term.

RSG is the stand-out IMHO.