http://www.theglobeandmail.com/globe-investor/gold-equities-a-less-than-glittery-outlook/article4541104/

"Nick Holland, the CEO of Gold Fields Ltd., put it another way. He urged his peers to “stop kidding ourselves” by reporting “cash costs” of mining gold that are $400 to $500 an ounce.

The “all-in” costs for the industry, which include initial capital expenses and ongoing maintenance, as well as administrative costs, are more like $1,300 per ounce, he said.

And, “if the analysts are correct [about falling gold prices ahead] we don’t have an industry.”