As to the gold price, all up cash costs for the majors in the...

As to the gold price, all up cash costs for the majors in the first quarter 2013-Newmont, USD 1100; Barrick, USD 920; and Anglo Gold, USD 900.

If the spot price goes much lower the marginal South African mines will close (and for a very long time given water issues at depth), and a number of other mines globally.

This should provide some sort of floor price, i.e. USD 1100 at worst until investors review the need for the yellow metal given the fickle nature of the world's markets and short term approach to various asset classes.

$600 ?-there is no gold industry!

Cheers, TAS