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<p>[QUOTE=&quot;Cloudsweeper99, post: 1183457, member: 3011&quot;]I don&#039;t believe gold was selling below the cost of production.&nbsp; During that time period [particularly 80s and 90s], costs were much lower than now.&nbsp; About 40% of mining costs are energy costs, and oil was as low as $11 during that time frame, and never close to $100.&nbsp; There were also several very large low cost mines in operation.&nbsp; Environmental regulation was more lax.&nbsp; It was also a time period when there was very little exploration going on, and the Bre-X scandal was still fresh in people&#039;s memories.&nbsp; Speculative money was going into technology, not gold mining.&nbsp; But now gold prices are higher, energy costs are higher, the large/cheap deposits are somewhat played-out, environmental regulation is more costly, China and India have a fast growing middle class making world-wide demand higher, currencies are not as trusted as a store of value, and there are fewer elephant deposits being found.[/QUOTE]</p><p><br /></p>

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