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Boss of big gold mining company says gold needs to go up to $2000 per oz or miners will go broke

 
Anonymous Coward
User ID: 20954434
Australia
07/31/2012 01:47 AM
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Boss of big gold mining company says gold needs to go up to $2000 per oz or miners will go broke
Anybody interested in GOLD?!?!?!?

"Mr Holland said rising energy, labour and production costs would virtually double costs in the next five years, and a gold price of close to $US2000 per ounce would be needed to keep pace.
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If costs remain close to $US1600 where they have been in recent weeks, much of the industry would be "killed", he said, and many companies would have to pull back on projects.

[link to www.smh.com.au]
Anonymous Coward
User ID: 20286929
Australia
07/31/2012 02:15 AM
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Re: Boss of big gold mining company says gold needs to go up to $2000 per oz or miners will go broke
If miners go broke, won't the above ground gold become more valuable?
Anonymous Coward
User ID: 20853019
United States
07/31/2012 02:18 AM
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Re: Boss of big gold mining company says gold needs to go up to $2000 per oz or miners will go broke
Anybody interested in GOLD?!?!?!?

"Mr Holland said rising energy, labour and production costs would virtually double costs in the next five years, and a gold price of close to $US2000 per ounce would be needed to keep pace.
Advertisement

If costs remain close to $US1600 where they have been in recent weeks, much of the industry would be "killed", he said, and many companies would have to pull back on projects.

[link to www.smh.com.au]
 Quoting: Anonymous Coward 20954434


That's bullshit, typical costs to get gold out of the ground runs from about 400-600 dollars an ounce, this is for well run companies.
Anonymous Coward
User ID: 1527907
United States
07/31/2012 02:23 AM
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Re: Boss of big gold mining company says gold needs to go up to $2000 per oz or miners will go broke
They should have settled their contract payment in Gold rather than fiat US dollars when they signed the contract 10 years ago. Dummies don't even believe in their own product.
Anonymous Coward
User ID: 8722925
United States
07/31/2012 02:24 AM
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Re: Boss of big gold mining company says gold needs to go up to $2000 per oz or miners will go broke
Yep, too much gold on the mkt.. banks have tonnes of the stuff.
Anonymous Coward
User ID: 8841776
United States
07/31/2012 02:29 AM
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Re: Boss of big gold mining company says gold needs to go up to $2000 per oz or miners will go broke
Anybody interested in GOLD?!?!?!?

"Mr Holland said rising energy, labour and production costs would virtually double costs in the next five years, and a gold price of close to $US2000 per ounce would be needed to keep pace.
Advertisement

If costs remain close to $US1600 where they have been in recent weeks, much of the industry would be "killed", he said, and many companies would have to pull back on projects.

[link to www.smh.com.au]
 Quoting: Anonymous Coward 20954434


This is true for hard rock mining.

Alluvial prospecting in river beds costs much less to procure the gold.

Goldsands Development Company is one of those companies.
Anonymous Coward (OP)
User ID: 20954434
Australia
07/31/2012 02:29 AM
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Re: Boss of big gold mining company says gold needs to go up to $2000 per oz or miners will go broke
They should have settled their contract payment in Gold rather than fiat US dollars when they signed the contract 10 years ago. Dummies don't even believe in their own product.
 Quoting: Anonymous Coward 1527907


so you think they should have said, "you pay us 1 oz of gold for each 1 oz of gold we sell you"? how would that work????
Anonymous Coward
User ID: 20923971
United States
07/31/2012 02:31 AM
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Re: Boss of big gold mining company says gold needs to go up to $2000 per oz or miners will go broke
if they shit off into oblivion then all the current gold holders win , fuck em no bailout for you miners )
Anonymous Coward (OP)
User ID: 20954434
Australia
07/31/2012 02:31 AM
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Re: Boss of big gold mining company says gold needs to go up to $2000 per oz or miners will go broke
If miners go broke, won't the above ground gold become more valuable?
 Quoting: Anonymous Coward 20286929

it probably should if demand stays the same, since supply will drop.

but then if the price of gold goes up, then suddenly those mines might be profitable again!
Anonymous Coward
User ID: 20402331
United States
07/31/2012 02:34 AM
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Re: Boss of big gold mining company says gold needs to go up to $2000 per oz or miners will go broke
If miners go broke, won't the above ground gold become more valuable?
 Quoting: Anonymous Coward 20286929

it probably should if demand stays the same, since supply will drop.

but then if the price of gold goes up, then suddenly those mines might be profitable again!
 Quoting: Anonymous Coward 20954434


Kramer has been advocating Junior miners for a while now. And it has nothing to do with sandusky.
Anonymous Coward
User ID: 20853019
United States
07/31/2012 02:40 AM
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Re: Boss of big gold mining company says gold needs to go up to $2000 per oz or miners will go broke
If miners go broke, won't the above ground gold become more valuable?
 Quoting: Anonymous Coward 20286929

it probably should if demand stays the same, since supply will drop.

but then if the price of gold goes up, then suddenly those mines might be profitable again!
 Quoting: Anonymous Coward 20954434


Kramer has been advocating Junior miners for a while now. And it has nothing to do with sandusky.
 Quoting: Anonymous Coward 20402331


Kramer is balls on a bitch.
Anonymous Coward
User ID: 20402331
United States
07/31/2012 02:48 AM
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Re: Boss of big gold mining company says gold needs to go up to $2000 per oz or miners will go broke
If miners go broke, won't the above ground gold become more valuable?
 Quoting: Anonymous Coward 20286929

it probably should if demand stays the same, since supply will drop.

but then if the price of gold goes up, then suddenly those mines might be profitable again!
 Quoting: Anonymous Coward 20954434


Kramer has been advocating Junior miners for a while now. And it has nothing to do with sandusky.
 Quoting: Anonymous Coward 20402331


Kramer is balls on a bitch.
 Quoting: Anonymous Coward 20853019


He has a lot of money tied up in gold, despite his day job.

If you want to know what a man really believes in, look to his tax free charitable trust.
Anonymous Coward
User ID: 20853019
United States
07/31/2012 02:55 AM
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Re: Boss of big gold mining company says gold needs to go up to $2000 per oz or miners will go broke
...

it probably should if demand stays the same, since supply will drop.

but then if the price of gold goes up, then suddenly those mines might be profitable again!
 Quoting: Anonymous Coward 20954434


Kramer has been advocating Junior miners for a while now. And it has nothing to do with sandusky.
 Quoting: Anonymous Coward 20402331


Kramer is balls on a bitch.
 Quoting: Anonymous Coward 20853019


He has a lot of money tied up in gold, despite his day job.

If you want to know what a man really believes in, look to his tax free charitable trust.
 Quoting: Anonymous Coward 20402331


He's good at getting his friends bag holders on already driven up tickers.
Anonymous Coward
User ID: 1364318
United States
07/31/2012 02:59 AM
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Re: Boss of big gold mining company says gold needs to go up to $2000 per oz or miners will go broke
That Boss should hire a magician with a P.H.D. in fraud and become an investment banker, he would have a much higher profit margin.
celestial-chemist
User ID: 18131262
United States
07/31/2012 03:08 AM
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Re: Boss of big gold mining company says gold needs to go up to $2000 per oz or miners will go broke
Awwwwwwwwwwwwww let them stop. They are breaking my heart. pooor ppooor gold miners.
Anonymous Coward
User ID: 17177008
United States
07/31/2012 03:17 AM
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Re: Boss of big gold mining company says gold needs to go up to $2000 per oz or miners will go broke
Actually they mean Autralian minng companies will go broke. Mining the shit in China and Africa is much cheaper.


Even mining in the us probably only costs 60% as much as it costs in Australia.
Anonymous Coward (OP)
User ID: 20954434
Australia
07/31/2012 03:20 AM
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Re: Boss of big gold mining company says gold needs to go up to $2000 per oz or miners will go broke
Actually they mean Autralian minng companies will go broke. Mining the shit in China and Africa is much cheaper.


Even mining in the us probably only costs 60% as much as it costs in Australia.
 Quoting: Anonymous Coward 17177008


I think he's talking about the whole world, the company he runs is based in South Africa.
Anonymous Coward
User ID: 17177008
United States
07/31/2012 03:23 AM
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Re: Boss of big gold mining company says gold needs to go up to $2000 per oz or miners will go broke
The Aussie dollar will adjust downward and because of this Aussie labor will be cheaper. Remember gold is priced in USD. If the Aussie dollar goes back to its historic norm the mines will stay profitable.
Anonymous Coward
User ID: 17177008
United States
07/31/2012 03:27 AM
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Re: Boss of big gold mining company says gold needs to go up to $2000 per oz or miners will go broke
Actually they mean Autralian minng companies will go broke. Mining the shit in China and Africa is much cheaper.


Even mining in the us probably only costs 60% as much as it costs in Australia.
 Quoting: Anonymous Coward 17177008


I think he's talking about the whole world, the company he runs is based in South Africa.
 Quoting: Anonymous Coward 20954434


Well then it's bullshit. The price of gold has went up 6 fold in the past decade. Wages have not.
Anonymous Coward
User ID: 20402331
United States
07/31/2012 03:28 AM
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Re: Boss of big gold mining company says gold needs to go up to $2000 per oz or miners will go broke
The Aussie dollar will adjust downward and because of this Aussie labor will be cheaper. Remember gold is priced in USD. If the Aussie dollar goes back to its historic norm the mines will stay profitable.
 Quoting: Anonymous Coward 17177008


Huge indian market. CNBC covered why gold garentees a good husband in the long term on the sub continent.
Fallen Foo Fighter

User ID: 16019610
United States
07/31/2012 03:53 AM
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Re: Boss of big gold mining company says gold needs to go up to $2000 per oz or miners will go broke
this is on purpose like when the cause oil prices to drop and killed many companys they consolidated and then the price went up
Stuff and goodies...
Factual Error

User ID: 19116606
United States
07/31/2012 04:04 AM

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Re: Boss of big gold mining company says gold needs to go up to $2000 per oz or miners will go broke
Mark Twain said something to the effect that a gold mine is a hole in the ground with a liar standing in front of it. Gold mining companies mostly mine the pockets of their shareholders.

Invest in gold, not gold mining companies.
Not intended to be a factual statement.
Anonymous Coward
User ID: 20402331
United States
07/31/2012 04:26 AM
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Re: Boss of big gold mining company says gold needs to go up to $2000 per oz or miners will go broke
Mark Twain said something to the effect that a gold mine is a hole in the ground with a liar standing in front of it. Gold mining companies mostly mine the pockets of their shareholders.

Invest in gold, not gold mining companies.
 Quoting: Factual Error


He died an apologist for alcohol, tobacco and caffeine.

He wasted his fortune on an "automatic" printing press.

Atleast Kramer has stopped doing Penn State "Booyahs" on the air.

5a
Anonymous Coward
User ID: 13681729
United States
07/31/2012 04:33 AM
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Re: Boss of big gold mining company says gold needs to go up to $2000 per oz or miners will go broke
Anybody interested in GOLD?!?!?!?

"Mr Holland said rising energy, labour and production costs would virtually double costs in the next five years, and a gold price of close to $US2000 per ounce would be needed to keep pace.
Advertisement

If costs remain close to $US1600 where they have been in recent weeks, much of the industry would be "killed", he said, and many companies would have to pull back on projects.

[link to www.smh.com.au]
 Quoting: Anonymous Coward 20954434


Gold 1623.05 + 0.06%
Silver 28.15 + 0.42%
Anonymous Coward
User ID: 20962411
United States
07/31/2012 05:28 AM
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Re: Boss of big gold mining company says gold needs to go up to $2000 per oz or miners will go broke
So gold is trading around $1,600 per ounce, but how does gold trade? With gold certificates, the very same type of certificates that started the concept of fractional reserve banking.

Gold is significantly undervalued, but for reasons different than what you think. However, unless you buy and hold in your possession the real stuff, you will get fucked.
Anonymous Coward
User ID: 17409408
United States
07/31/2012 05:42 AM
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Re: Boss of big gold mining company says gold needs to go up to $2000 per oz or miners will go broke
A loaf of bread is worth more than any hunk of metal.
Anonymous Coward
User ID: 20419053
Australia
07/31/2012 05:57 AM
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Re: Boss of big gold mining company says gold needs to go up to $2000 per oz or miners will go broke
If miners go broke, won't the above ground gold become more valuable?
 Quoting: Anonymous Coward 20286929

it probably should if demand stays the same, since supply will drop.

but then if the price of gold goes up, then suddenly those mines might be profitable again!
 Quoting: Anonymous Coward 20954434


Gold is not just about supply and demand its pegged to the USD putin
Anonymous Coward
User ID: 20545102
United States
07/31/2012 06:16 AM
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Re: Boss of big gold mining company says gold needs to go up to $2000 per oz or miners will go broke
A loaf of bread is worth more than any hunk of metal.
 Quoting: Anonymous Coward 17409408


bsmeter2
Anonymous Coward
User ID: 20465922
United States
07/31/2012 06:20 AM
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Re: Boss of big gold mining company says gold needs to go up to $2000 per oz or miners will go broke
Actually they mean Autralian minng companies will go broke. Mining the shit in China and Africa is much cheaper.


Even mining in the us probably only costs 60% as much as it costs in Australia.
 Quoting: Anonymous Coward 17177008


I think he's talking about the whole world, the company he runs is based in South Africa.
 Quoting: Anonymous Coward 20954434


Well then it's bullshit. The price of gold has went up 6 fold in the past decade. Wages have not.
 Quoting: Anonymous Coward 17177008


so has fuel and that adds to the operating costs.
Anonymous Coward
User ID: 6821172
Australia
07/31/2012 06:39 AM
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Re: Boss of big gold mining company says gold needs to go up to $2000 per oz or miners will go broke
Gold is not just about supply and demand its pegged to the USD
 Quoting: Anonymous Coward 20419053

so if the USD plummets, gold will zoom up even further!
Anonymous Coward
User ID: 13890898
United States
07/31/2012 07:28 AM
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Re: Boss of big gold mining company says gold needs to go up to $2000 per oz or miners will go broke
A loaf of bread is worth more than any hunk of metal.
 Quoting: Anonymous Coward 17409408


bsmeter2
 Quoting: Anonymous Coward 20545102


Bs guy thinks he can eat gold.

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