I hope others point this out, the cost of gold ( nor any other commodity ) is so simplisticly tied to the price of production.
Without doing any googling for specific numbers:
- the price rise of gold in the past decade.
- is the production costs of mining gold getting more or less expensive?
alright ... here are some numbers:
total cost of production example: 670 per ounce
need I quote the current price of gold per ounce? Note, that AISC is just one regions cost - others are plus or minus a hundred or so.