Anglogold like most gold miners brings corporate risk to the table. Many investors find it cleaner and easier to just buy Gold and be done with it.
Most of the gold mines owned are high cost ventures in Africa and Latin America. It takes less of a gold price drop to squeeze out profits.
Geopolitical risks abound. DRC, Mali and Argentina are not western based liberal democracies. They probably have to pay special consultants lots of fees.
George Gutowski writes from a caveat emptor perspective.