taurus no impact, page-20

Correct Gooch.

The other thing related is that there are a lot of future supply ounces built up by majors and large gold companies which fit in the same category...large , low grade...and of course they will stay on their resource books...but will not be mined with these gold prices. So the REAL: supply side ounce production looks very bad at these prices...something the non-physicals will have to take into account.

This will impact on supply side eventually, and with a forward looking market, perhaps sooner than later?

The large low grade deposits are easier to find (this is why NCM and others go for these sort of deposits, makes them look good, great growth story, great exploration successes etc.....), than the higher quality deposits like AMX. But there is a risk you take in following this strategy, and NCM is paying the price.