US$14,000/oz doesn't sound too bad if you say it quickly.
But then you do some maths. Every dodgy ASX producer delivering 100koz pa would be getting US$14 BILLION in revenue. I just can't see that. I'd like to but I can't.
I just watched a presentation for a developer with AISC around $1,200/oz. Not long ago that would have been a super marginal asset. Now it's being promoted as a low cost/high margin future cash cow play! Imagine the assets that would be developed a t US$14,000/oz gold!
CNB Summary and Why Its So Undervalued, page-869
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