Jun 20, 2019 · But it didn't. In 2001 when the gold price was just 272/oz, gold mining companies had cash costs of 176 an ounce, giving a 54% margin. However, by 2006 the gold price climbed into the 600 an ounce range and miners were losing money. Fast forward to 2012, when the average cash cost was 719/oz 184% higher than 2006.