RE:Whoa all the shutdowns at gold mines announced today!If gold was like other commodities that get used up, you'd be right to expect a big price rise when production capacity gets idled. That's how OPEC works the price of oil, for instance.
However, gold does not get used up. Every ounce that has ever been mined in the history of man (and the prehistory too for that matter) is still available. All of it forms the "supply". The miners just increase that supply incrementally each year - by something under 3% per year, if memory serves. Reducing the supply by a couple of percentage points shouldn't be expected to raise the price much.
What will raise the price, as Ridge pointed out, is all the money being printed in response to this crisis. That raises the price of everything (inflation). When one country does it, it raises the price of alternate currencies (i.e. their exchange rate) but when every country does it simultaneously, the only alternate currency that's not being printed is the one that will go up in price. That's precious metals.