Big Eyed Bug
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Renewables, LNG, shale gas and coal are all being developed to cover the reality of peak oil. Yes we did hit peak oil and yes technology did ride to the rescue.
We are currently using more energy than we did prior to the 08 collapse in world trade and this is being interpereted as a worldwide recovery.
( sorry I cant find the article where i read all this but i think it was from one of the old Oil Drum crew ...)
The price of oil is effected by the availability of these alternative sources and I reckon we can realistically expect energy costs to remain fairly stable in the near term.
So if the POG is to go up, something else has to be the driver )-:
I should have probably re-read and posted more of the original post:
Miners currently needed a gold price of $1,300 to survive, Shishmanian said, but faced steep rises in mining costs, along with the cost of dividends and host nation taxes.
"If this continues for the next five years the gold price needs to be at least $3,000 just to stay in the business," he said. However, he was optimistic sustained demand would drive prices higher over the long term.
This is interesting, because demand has not really been a driver in the POG over the past decade or more because supply has approximately kept up with demand.
So either an unusual increase in demand, or steep increases in mining costs, would be the upcoming POG drivers.