What better way of capitalising on the markets’ current mix of confidence and caution than selling shares linked to the price of gold? The precious metal has risen 45 per cent so far this year and breached $3,800 per ounce. Bets on this classic bolt-hole for terrible times are all the rage.
This week, Zijin Gold International — a spin-off of Zijin Mining’s overseas gold assets, which include mines in central Asia, Europe, Africa, South America and Australia — raised $3.2bn in the largest IPO of 2025, then jumped two-thirds on debut. A week earlier Indonesia’s Merdeka Gold, another mining spin-off, gained 25 per cent on its Jakarta debut having raised $280mn. Its shares have now in total risen more than 50 per cent.
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