The Financial Post reports in its Friday edition that the price of gold has been breaking records almost daily, but this has not translated into higher profits for gold miners yet. The Post's Gabriel Friedman writes that analysts have observed that the sector is finally turning a corner after years of underperforming the price of bullion. They have some evidence to support their optimism. The VanEck Gold Miners ETF, which consists of the world's largest gold miners, increased by 10.5 per cent in the past month, in line with the increase in the price of the precious metal to $2,388 per ounce (all figures U.S.). However, even analysts who recommend gold mining stocks are attaching caveats given the industry's recent history, including the largest company, Newmont. Citigroup analysts noted on April 3 that Newmont is now guiding that gold production will rise from here and costs will decline, which was also the same message in 2021. Citigroup forecasts bullion could hit $3,000 per ounce in the next 12 months in a "bullish wildcard scenario" representing a 25.7-per-cent increase from gold's current price of $2,388 that would be on top of the 23.7 per cent rise already logged by gold over the past six months.