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Always do your own due diligence. We seek safe harbor.
The cost of extracting gold obviously varies greatly from one mining situation to another, which would seem to make an average value essentially meaningless.
The marginal cost matters greatly because it will be the marginal ounces that will begin to come offline if prices continue to rest near $1230 or fall lower. Moreover, many future projects will not go ahead as planned if prices remain at current levels. This dynamic will lower the new supply coming into the market and thus become supportive of price in the future.