Bet on gold mining companies fuels jackpot for Soros and Calpers

Owning shares of major gold producers wasn’t very rewarding over the past five years as the plunging price of the metal hurt  profit. But in 2016, the industry has delivered huge returns with relatively little prospect for losses. While mine operators including Barrick Gold Corp. and Yamana Gold Inc. more than doubled in value this year, gains for the industry came with the least risk among the 1 645 companies tracked by the MSCI World Index, according to data compiled by Bloomberg. By dividing the change in each share price by its volatility,  Fresnillo Plc ranked first with investors, generating a 3.36% return for each unit of risk, the data show.