"A sector-wide shift to tighter purse strings was born of necessity after the end of a heady 12-year boom that saw gold peak in 2011 above $1,900 an ounce. The relentless slide that followed threw a massive spending spree into reverse as debt-to-profit ratios climbed, mineral deposits became unprofitable and companies’ shares crashed. A gauge of 14 global gold producers tracked by Bloomberg Intelligence fell for five years through 2015................. This year, the index has more than doubled." http://www.bloomberg.com/news/articles/2016-07-19/gold-miners-set-to-relax-death-grip-on-spending-as-caution-eases