Since it went public as a spin-out from Newmont Mining Corp. ( NEM ), Franco-Nevada is up about 300%, while Newmont is up about 6%. Add to that unease the European contagion potential where many German and French banks have been selling their gold for the past five years to buy sovereign debt. We have noticed in our financial models that any time a government pays less on their Treasury bills than inflation, gold starts rising in that country's currency.