Another friend commented... I found this pretty telling for the future of gold. It is from a guy named Bill Koenig, published yesterday. His last sentence is describing high-grading of mines by current operators. This is often the death sentence for mines as once you extract the highest grade, just to make ends meet means everything you’ve got left is lower grade and cannot support a mining venture unless prices rise quickly. A prolonged period of low gold prices will lead to a substantial reduction in reserves. Quickly.