Major Gold Miners' AISC, page-11

Some merit to that - in that recycled supply is more liquid than any other metal. But annual production of copper, iron, etc is only a fraction of what exists refined on the earth's surface. If gold production were to stop completely, then what would happen to price? There has never been a year of lower demand to the extent that production sits as surplus. Price falls to absorb it. Furthermore, the lower the price, the less tons you will get from recycled supply.

We are not talking about a few cost mines. At around $800, we'll have nearly no gold produced - and that's where the bears will have you believe we are headed. CNN parroted some muppet calling $350. Fantasy stuff.