AsianFin -- Chinese gold mining stocks have been falling even as London gold prices hit record highs for several consecutive days. This divergence reflects that mining shares have already priced in much of gold’s anticipated gains, while investors currently prefer gold ETFs as their investment vehicle.

The spot gold price in London surged above USD 3,700 per ounce yesterday, marking an all-time high, yet shares of Chinese gold miners slipped today. Zijin Mining [SHA: 601899] closed down 1% at 25.07 yuan (USD 3.52), falling for the fourth consecutive day. Shandong Gold [SHA: 600547] dropped 0.9% to 37.43 yuan, nearly 10% below its September 9 high of 40.43 yuan. Chifeng Gold [SHA: 600988] gave up 3.7% to 28.50 yuan, down 7% from its September 9 peak of 30.80 yuan.