Is gold undervalued?
''Hickey: There are a lot of ways to value gold. It is clear to me that it is undervalued when Goldman Sachs says 20% of existing mines are non-economical now. A lot of gold mines, particularly in South Africa, have high costs and are shutting down. We are going to have production declines, starting in 2015. If the price of corn is so low that you can't grow it, it is too low. It's the same with gold.''