“After updating their precious metals’ company cost curve, Citi’s ominous warning that, ‘a combination of rising unit costs (15% yoy), sustained high capital budgets and a falling gold price have resulted in a fast contraction in margins – so much that no gold company under our coverage will generate Free Cash Flow at spot gold.'”

http://www.zerohedge.com/news/2013-07-07/citi-no-gold-company-will-generate-free-cash-flow-current-gold-prices

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