It was once said that an ounce of gold could get you a Savile Row suit. At 1118 AEST gold was $US1,190.11 an ounce. Now an ounce of gold, whose price is down about a third in 12 months, may not even get you some Savile Row underpants. The price of a bespoke suit from the famous London tailors is at least $5,900.
Pat Scott, managing director of Mungana Goldmines, says gold’s current price will result in a 20 per cent fall in Australian gold production. Mines will be closed because their costs are too high for companies to make a profit, Scott says.