Gold bubble at the end of 2025

Here's a line chart comparing the historical annual average gold price (in USD per troy ounce) to an approximation of the marginal cost of mining, represented by the global average All-in Sustaining Costs (AISC) — a standard industry metric that reflects the full cost to sustain production. The marginal cost is often closer to the higher end (e.g., 90th percentile) of the cost curve, but average AISC provides a reliable proxy for trends, as it has risen with declining ore grades, energy costs, labor, and regulatory pressures. #gold #bubble #goldbugs