1 oz of Bullion Gold Costs ≈$1910 to Produce

Gold's current spot price is ≈$4100. There's a ≈$2190 price gap between what gold costs to buy and what it costs to mine & refine.

The majority of that $2190 profit per 1 ounce of gold goes to the miners. Gold refiners earn just a few dollars per ounce in profit.

This is why mining stocks are currently such a good investment idea.