“Many of the world’s gold miners are struggling to keep their heads above water at current gold prices. A fact that many investors are struggling to understand given the hefty increase in gold prices seen over the last decade. Granted, prices of the yellow metal have fallen sharply from their highs but, they are considerably higher than they were at the start of the bull run. One of the main reasons given by gold miners for this is the fact that gold mines are not what they once were, many are old and the replacement ounces that are being found are of much lower grade.”

http://www.mineweb.com/mineweb/content/en/mineweb-gold-analysis?oid=199880&sn=Detail

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