pog is out of sync with costs, page-21

find8,

You're right, of course. I remember back in about 2004, when companies were looking to prove up about 500,000oz of resources before they started mining. Two years ago, they wanted about 1moz. Now, they all seem to want +2moz before they even do a feasibility study.

Why? Can only be cost structures. Hard to believe that it's more difficult for a gold miner to make money at $900/oz than it was at $400/oz.