by John Rubino
Gold mining can be a terrible business. The metal’s price is volatile. Environmental and political risks are ever-present. And operating costs (especially energy) tend to rise even when gold’s price is falling. The result is a combination of low margins and high risk that causes most miners to consume more wealth than they produce.
But every once in a while the stars line up in a favorable way, and this year looks like one of those times.
First and foremost, gold has been rising and is now at record highs in most non-dollar countries and not far from a record high in the US: