"So even though the four largest listed gold miners — Goldcorp,...

"So even though the four largest listed gold miners — Goldcorp, Barrick, Newmont and Newcrest — generated $47.5 billion in operating cash flows in the last decade, they spent $62.5 billion in new mines, acquisitions and other capital expenditures. The big four have made no money in one of the greatest gold bull markets on record. In fact, they’ve lost money.

How did they make up this deficit? They sold more shares to the ever-gullible public — always a sucker for a good story about buried treasure. The number of shares outstanding rose 117% in the decade."