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Which means that as of a few days ago, gold is now trading well below
not only the cash cost, but is rapidly approaching the marginal cash
cost of $1125... Of course, should the central banks of the world
succeed in driving the price of gold to or below its costs of production (repressing yet another asset class into stocks) then we fear the repercussions will
backfire from a combination of bankruptcies, unemployment, and as we
have already seen in Africa - severe social unrest (especially notable
as China piles FDI into that region).
Which means that of the following mines (as we showed here) which make up the gold cost curve, one by one, starting on the right and going left, production is going to go dark,
even without the recent demand by South African gold miner labor unions
to have their wages doubled. Until eventually virtually no gold will be
produced.
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