First published by Money Metals here: https://www.moneymetals.com/news/2019/03/12/hidden-decline-of-the-gold-mining-industry-001733

There’s been a hidden decline in the global gold mining industry unrecognized by most investors. It’s an insidious and mysterious decay that has plagued the industry for many years. Unfortunately, investors can’t see what’s occuring in the gold mining industry because they are unable to notice the subtle changes taking place over decades as the market is focused on quarterly results.