smile :), page-22

I couple of points I would like to mate.

Its wrong to think that most majors cash costs are above the current POG. The marginal producers yes, but the majority production is produced at a cash cost of between USD650 & 800/ounce, total cost probably $200-250 higher than that.

I am back visiting Sydney for a few days & caught up with a few market players, gold traders & the like. Most think sector is well over sold however there will be some blood before it bottoms. One guy I respect a lot head of a major gold trading desk thinks the funds will have another crack at gold to try & push it through $1180 lows. They are already short the likes of NCM & KCN & he thinks they will try & trigger debt covenants. May not happen, may not succeed, but can't rule it out.