pog is out of sync with costs, page-8

egap

Here's a link (below) that is very interesting.

Bear in mind this report came out October 2007 .. the fuel price hadnt moved all that much - fuel has gone up a lot since then - probably by $50/barrel.
Acid prices have gone up a lot since then - probably doubled.

So the forward forecasts would have been revised up by at least $100/oz - $200/oz .. had the report been done knowing what we know about the costs of consumables.

http://www.gata.org/files/CreditSuisseGoldReport10-30-2007.pdf