I don't disagree with your point.However many of the ceo's themselves are predicting a significant cost increase (to over $1,000/oz) due to having to go deeper to get to the deposits.Believe the bankrupcy premise was on that basis and we have already seen many companies run into cost overages.I personally think this will only reinforce the call for higher gold prices.Higher costs may shutdown some projects but in the long run that would only adversely effect the supply factor.Believe the real outcome of all this so far is that gold and not gold stocks is the place to be and that is reflected by the numbers.Gold has held up well and the stocks have not.Where are the increased profits showing up would be the question because with where the gold stocks are trading,they should all have very low p/e ratios based on the price of gold run up and spread versus cost.