Questor share tip: Randgold Resources should be lifted by rising gold prices Shares in Randgold Resources have been very weak over the past couple of months after a negative statement at the start of November. The Africa-focused gold miner revealed that third-quarter production fell back from the preceding quarter's record level as the company suffered grid power supply problems at its Tongon mine and saw lower grades at another mine. Despite this bad operational news, the share price has essentially just been tracking the gold price. So, if the price starts to rally next year, will shares in Randgold also be lifted? Received wisdom is that shares in gold miners have underperformed over the past two years, despite the price of gold continuing to hit new highs. Received wisdom is not exactly right. When gold spiked in August 2011, gold miners" valuations were carried along with it. Randgold shares were sent to new all-time highs and the FTSE/JSE Africa gold mining index, which measures the performance of a basket of gold companies, also soared to a record. This index is now 31pc below where it sat when the gold price hit its record of $1,908. This implies that another surge above gold's all-time record could promote a significant rally in gold miners too. Of course there is always operational risk with miners - as was seen in Randgold's third-quarter results. There are also concerns that exploration in less developed nations will be challenging. However, Randgold has proven time and time again that it can operate in such conditions and unlock value with the drill bit. Randgold is the FTSE 100"s largest pure gold play and Questor expects the price will get moving when the gold price starts to rise. There could be more downside to the gold price should the fiscal cliff talks in the US go down to the wire. Although the gold price should rise at a time of crisis, it can also fall as investors panic-sell all asset classes or need funds for use elsewhere. This is what happened when the gold price plunged in the wake of the Lehman Brothers collapse in late 2008. However, things looks bullish for gold miners as we go into next year. The shares are trading on a 2013 earnings multiple of 14.3, falling to 11.8 the following year. They have fallen by more than 20pc since their recent peak of £77.75 and Questor maintains a buy rating.