Goldman Sachs reiterated that of all the gold miners the firm covers Australia's Newcrest Mining (NCMGY) is the sole miner on its conviction buy list. 

Goldman noted that of the miners it covers only five have mines with life in excess of 10 years, but Newcrest owns two of the four mines that boast life in excess of 20 years, Cadia in Australia and Lihir in Papua New Guinea.

Furthermore, those two mines are two of only five with a reserve base in excess of 10 million ounces.

"Although we think NCM's life is a positive investment point, many argue that its lack of asset diversification is a potential negative," Goldman wrote. "Around 90% of NCM's valuation stems from its two largest assets. For peers, the 'top two' assets account for closer to 50% of 'value'. Diversification is generally a valid point when assessing miners' investment appeal, but we think that having an asset of the quality of Cadia makes the issue moot."