If all the discovered & mined gold in the world was round up it would fit in 3(three)- 18 wheelers? Haven't calculated how many locomotives it would take to pull one. I would guess it may be two.
The current "hard cost" to mine an ounce of gold on average is in the mid $950 range.
On to the trade pit:
Yesterday Citi came out and said...(I'll paste it)
“We would rather be too early than too late in making this call.”
And with that, analysts at Citi moved their 12-month view on (gold) and the mining sector to bullish for the first time in three years.
Still think the downward momentum could carry us near book value(cost to extract). If I didn't already have a position I would nibble in this $1240 range. The strategy would be buy some now, be ready to buy at lower prices but not be left out if we have already put the lows in.