"London is the right location," Bell said in a note on Wednesday, pointing to the lack of large scale, listed precious metals businesses "and the city's familiarity with more "challenging" jurisdictions".
However, Bell told readers: "Don't assume "Randgold 2.0".
"Randgold Resources traded at a +30% premium to immediate peers prior to its merger with Barrick so some may extrapolate this to AngloGold. We don't think this is entirely appropriate, but do acknowledge that a move could drive a higher rating on AngloGold shares than its current valuation," said Bell.
AngloGold management have said a move in primary listing was a medium-term priority. Bell said a move before the end of 2020 was "possible", but "we think in H1 2021 is more realistic and potentially better from a financial perspective".
Bell said getting the sale of its South African assets completed this quarter was the first step.
"Post this we don't envisage major opposition from the SA government to a move due to the group maintaining a significant SA corporate footprint," said Bell.