The current extraction price of gold is $700 per ounce. Why is a gold mine owner likely to wait until the gold price rises sufficiently above $700 per ounce before beginning extraction? Multiple select question. Opening the mine will require additional costs that must be covered by the price of gold. Gold miners are legally required to wait until the price of gold rises 10 percent above current extraction costs. Gold prices are volatile so a marginal increase above $700 could be followed by a drop below $700 resulting in losses