The spot gold price has surged 5% higher today after Britain voted to exit the European Union.

According to Bloomberg, spot gold is currently fetching US$1,326.20 an ounce and with the Australian dollar falling 2.6% to US 73.44 cents, the Australian dollar value of gold is $1,805 an ounce.

With all-in sustaining costs of between $1,000 and $1,100 an ounce (and below in some cases), Australia’s gold miners have virtually been given a licence to print money.

No wonder that their share prices have soared today.

  • Evolution FPO (ASX: EVN) up 15.5% at $2.53
  • OceanaGold Corporation (ASX: OGC) up 15.3% at $5.36
  • Resolute Mining Limited (ASX: RSG) up 13.6% to $1.375
  • Regis Resources Limited (ASX: RRL) up 12.7% at $3.675
  • Troy Resources Ltd (ASX: TRY) up 11.7% at 57.5 cents
  • Perseus Mining Limited (ASX: PRU) up 11% at 54.5 cents
  • Silver Lake Resources Limited (ASX: SLR) up 11% to 50.5 cents
  • Beadell Resources Ltd (ASX: BDR) up 11.5% at 34 cents
  • Northern Star Resources Ltd (ASX: NST) up 9.9% at $5.02
  • Newcrest Mining Limited (ASX: NCM) up 7.6% at $23.28

That’s not all of course, with virtually the whole sector up strongly.

The only problem for investors is whether they will see any benefits flow through to them with gold companies scrooges when it comes to paying dividends.

Foolish takeaway

Gold miners should be able to pay some substantial dividends when they report their 2016 financial year results. Investors might want to switch companies if their board elect to reinvest most of their profits rather than reward shareholders.

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Motley Fool writer/analyst Mike King doesn't own shares in any companies mentioned. You can follow Mike on Twitter @TMFKinga

The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.