It costs money to close a mine[gold], it costs money to re-open a mine
so people are reluctant to close mines. So you can see any commodity
staying below the cost of production for a while, especially if it’s
something like a mine which is expensive to close and expensive to open.
Some people are not going to be able to open mines because of what’s
happened. But then you’re going to eventually have people close mines,
and eventually, like I said it’s going to work its way out in 2014,
2015, gold will make a nice bottom and off we’ll go again with the
assumption of a bull market.
Jim Rogers is a bestselling author, financial commentator and successful international investor. Rogers was a co-founder of the Quantum Fund (considered to be the first truly international fund of its kind) and is the creator of the Rogers International Commodities Index (RICI).
