http://www.hindecapital.com/blog/the-growing-90-club-and-why-gold-production-is-going-to-go-to-zero/ "We currently have 58 gold mining companies down between 80-90% with once giants like Kinross Gold and Novagold among their ranks. This on-going tragedy in the mining sector is showing no sign of letting up but at this gold price it is unlikely to do so. The reason why mining companies are falling by 70-100% in the hundreds now is very simple. In our analysis, it costs over $1750 to mine an ounce of gold if you add in all the costs of running a mining company, not the published cash costs or the all in sustaining costs. The mining industry can argue till they are blue in the face that their costs are $800 or $1200/ ounce but if you only produce negative cash flow (that’s a LOSS to the non-analysts) when gold is below $1750, then it’s pretty clear in my books what is happening. This is going to be far worse than the late 1990s I’m afraid. We have many friends in the mining business and this is a true tragedy for the industry. Whether you believe it is a bullion bank or central bank conspiracy in forcing the gold price lower, it doesn’t matter, we have to deal with the reality."