AngloGold will close the $32 gap. Then the market will realize that even without SA, Anglo is priced with the industry at around $4000 per gold production ounce. SA will be gone. The mines will close. They will have huge tax write-offs for years to come. They will change their corporate headquarters to another country with a better investment climate, probably the UK but could be Switzerland or even Canada. And then they can trade based on their fundamentals and not the political risk of operating in the world's worst country for mining.
I stand corrected: Ex-SA, Anglo is only trading for about $4500 per gold ounce while NEM and ABX are trading for $6000 per ounce when you add debt. Anglo can outperform by 30%, and that's without South Africa! Bye-bye, South Africa!