But the ardent gold bulls have been hanging on.
The most popular argument that these gold bulls have clung to has been that mining costs will create a floor for gold prices.
The idea is that if gold continues to be below the cost of mining, then miners will stop mining and supply will disappear forcing gold prices up.
However, it's not completely obvious that a mine would shut down just because the market price falls below cost.
Jim Rogers, Chairman of Rogers Holdings told Business Insider that the closing of gold mines is a way off:
"I've been in the investment world a long time and I know that things can stay below the cost of production for years. It takes a long time for people to believe they have to close their mines. It costs money to close a mine, it costs money to re-open a mine, so people are reluctant to close mines. So you can see any commodity staying below the cost of production for a while, especially if it's something like a mine which is expensive to close, and expensive to open."
Rogers is a long-term bull on gold but and doesn't think the sell-off is over. He thinks gold prices have further to fall, and that gold is in the process of making a "complicated bottom."
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