“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. Some people are not going to be able to open mines because of what’s happened.  But then you’re going to eventually have people close mines, and eventually, like I said it’s going to work its way out.”

http://www.businessinsider.com/jim-rogers-gold-miners-2013-7

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