What are cost curves telling us about precious metals?

Cost curves are a widely-used tool to determine the potential direction of commodities production and prices. Given the weakness in the latter over the last few years, cost curves are currently of particular interest in determining where the floor for prices might lie, or how soon we can expect a recovery. In this Precious Metals Watch, we examine what cost curves are telling us about the markets for platinum and gold and discuss the limitations of cost curve analysis.