Major Gold Miners' AISC, page-16

"World production is increasing each year, gold's going below US$1,000, probably well below..."

Could you give me an indication of time frame please @Skol ? As I was lead to believe gold production has petered out and exploration has not maintained its level to replace whats being mined... My research tells me there is a 40 million oz short fall in global reserves each year.  and given it's now 10-15-20 years from discovery to production.

Second hand supply can not absorb the short fall IMO. The Fed can not control outside influence's they are not willing to include in their modelling profile of economic parameters! remember what Ben B said in 07-08... "our modelling didn't predict the financial crisis" So what else aren't they able to predict?