However, this hasn't fazed the die-hard gold bulls.
One popular case being made is that high mining costs ultimately create a floor for prices. In theory, if prices fall below cost, then miners will stop mining it and supply will quickly evaporate. The marginal buyers will then scramble for whatever's left, causing prices to surge.
Obviously, things are a bit more complicated.
"Gold mining costs are not uniform," noted UBS's Art Cashin. "They vary from mine to mine and from level to level within each mine."
Mining giant Barrick Gold published a slew of stats with its latest quarterly earnings announcement. They also included the cost of mining an ounce of gold at each of their sites.
As you can see below, the cost of mining an ounce of gold for Barrick ranges from $333 to $3,764 per ounce.