Thursday, June 27, 2013
Available Gold Supply Disappearing As Gold Price Plunges
27 June 2013, by Eric King (King World News)
Barron: ETFs continue to be stripped of gold and the bullion banks continue selling the gold overseas when they can arbitrage the price.
So investors just need to sit tight and ride this out because available physical supplies of gold are dwindling rapidly….
We are at or very near the bottom because gold has now tumbled below the cash cost of production for the mining industry.
So almost nobody is making money mining gold at these prices.
As gold falls below the average “cash cost” it begins to get very dire and we start to see mines close.
I have just seen two operations close without any notice in the last couple of days.