I went to a tech presentation by Barrick and got the impression that gold price is set by their fixed costs and operation costs. If the price goes up they turn

I went to a tech presentation by Barrick and got the impression that gold price is set by their fixed costs and operation costs. If the price goes up they turn up their operations. I am sure this isn't a controlling factor as demand could outstrip their operation size. But it does set a soft ceiling when demand is low, and it is.