I'd suggest the fact that the cost of mining quadrupled in 10...

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    I'd suggest the fact that the cost of mining quadrupled in 10 years suggest it was.
    There were other factors such as rising energy & labour costs etc.
    Much of which has been removed to a great degree.
    Some of the reason why gold was only twice the cost of production as a lot of old mines were re-opened & previously uneconomic gold was being mined.
    There was over production.
    If it wasn't in a bubble gold would have corrected less than 20%.
    The fact that it corrected around 45% says it all.
 
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