GoldSeek Radio Nugget - Steve Rocco: Costs Up, Prices Up For Gold and Silver

Steve Rocco, of the Rocco Report, returns with Video-Charting on all the key market indexes, including Gold, which is holding near new record highs.
- Steve notes the floor price on gold and silver bullion is based on the cost of mining.

I've been working on the breakevens for the gold and silver miners, and let me tell you, things are really changing and that's the reason why we're seeing the the price of the metals had higher now. They are heading up higher quickly. I don't know if that's sustainable. But, the issue is since the pandemic shutdown, and all the massive printing that we've seen by the central banks, especially the Federal Reserve – finally, it's the cost-push inflation has made its way into the mining industry and I'm seeing it's impacting all the mines. 

He continues:

They're going to get rid of six mines that aren't top tier. Well, these six mines were pretty profitable four years ago, and so the system – things are changing very rapidly in in the mining industry which I've suggested the floor in the gold and silver prices is based on the cost of production. And so if the cost of production is going to keep going up and up, well the goal prices and silver prices is going to have to keep going up, just to match it. 

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