click on investor centre,scroll down to publications and presentations and click again, hit latest publications and presentations, then hit exploration, then go to Richard Schodde's larger piece delivered to Pacrim Conference on 22nd September -the 952kb one.
Then read.
Early on in the presentation you will notice the massive gap in demand against discovery. In addition you will see the abysmal exploration budgets set against the rising costs of discovery-the 2005 figure is about 40% more than 2003 but still miles behind 1994/5 and 1986/7.
In summary, we are quickly depleting gold reserves and not replacing them (hence banks disgorging, which in itself is a finite answer!).
Gold price outlook in the medium term is positive-for a change!
Cheers,TAS-I am not a gold bug, merely smell a dollar later this year.
