First published by Money Metals here: https://www.moneymetals.com/news/2018/11/26/gold-miners-production-cost-floor-market-price-001660

While the debate on the dynamics of the gold market continues, at least the top gold miners production cost provides us with a floor price. Or rather, a basic minimum price level. I get a good laugh when I read analysts suggesting that the gold price will fall back to $450-$700. For the gold price to fall back to $450, then we would need to lose 95+% of global gold mine supply.