Saturday, June 29, 2013

Gold Companies Will Shut Down

“We know at $1,200 an ounce, the majority of gold mines can’t even mine gold profitably. So gold is now trading for less than the cost of producing it, and of course in order to produce it you have to own a gold mine, which is very hard to do. So the price of gold can’t stay down here for a long period of time, because then the gold companies will shut down and there will be no supply.”

- Source, Euro Pac Metals: