If gold was to stay around its current price of $1,100 per ounce, there could be some fairly significant mine closures over time,

At a gold price of $1,100, some 76 percent of producing gold mines are in the red, according to data from Thomson Reuters GFMS. That despite the fact that industry all-in costs are expected to fall to an average of around $1,335 an ounce this year, down from close to $1,700 in 2012.