Thanks D0gb3rt (it took me about 2 minutes to type your handle correctly).

I like this section:

“So what’s essentially happened there is all the easy open pits, of decent grade, have been mined or are in the process of being mined. Consequently, you are continuously being faced with lower and lower grades and you are having to go to more geopolitically unpleasant places to find gold.

So I share the opinion of Aaron Regent, CEO of Barrick (Gold), who a couple of years ago in a speech in London actually alluded to ‘peak gold.’ Meaning the annual production (numbers we have seen) may not be exceeded again because of the problems that I just mentioned.

So anybody that believes the gold price rise is going to be alleviated by added supply from the mining sector I think is wrong. I think the business is going to be very hard and if you do have a company that is mining a decent quality ore body, in a geopolitically attractive area, you’ve got a great asset.”