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Mark Mahaffey: Why gold production is going to go to zero
7:53a AEST Thursday, October 17, 2013
Dear Friend of GATA and Gold:
Without much higher gold prices the gold mining industry is dead, Hinde Capital co-founder and Chief Financial Officer Mark Mahaffey writes this week, noting that the shares of many gold mining companies are down as much as 90 percent because the cost of production is higher than the metal's declining price.
On the other hand, if the world continues to find a piece of paper labeled "gold" as useful and reliable as the metal itself, and if the gold mining industry concurs in that judgment and has no clue about the monetary nature of its product and the surreptitious suppression of its price by Western central banks, who needs the gold mining industry? The paper industry will substitute just fine.
Mahaffey's commentary is headlined "The Growing 90% Club and Why Gold Production Is Going to Go to Zero" and it's posted at the Hinde Capital Internet site here:
http://www.hindecapital.com/blog/the-growing-90-club-and-why-gold-produc...
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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