Bryce stood. Unlike the others, he had tanned, weathered skin, and his blue eyes were hidden behind a permanent squint. His hands were large, with swollen knuckles. He was someone who’d worked to obtain his wealth, toiled in ways the bankers could never understand.

“I’ve been chosen to represent South Africa’s mining concerns here,” Bryce said. “Mr. Volkmann told me what we were to discuss, so I talked with my people beforehand to give you accurate information. Last year South Africa produced about thirty-four hundred tons of gold at a cost of around two hundred and eighty dollars an ounce. This year we project the same tonnage but at a price of three hundred and eighteen dollars an ounce. Labor costs have risen since the end of apartheid because of the power of the trade unions, and we’re under heavy pressure to sign a new contract that’s even more generous.”

“Don’t give in to them,” the president of Holland’s biggest bank interjected.

Bryce shot him a look. “Hard rock mining isn’t assembly line work. It takes years of training to become proficient. A strike now would cripple us all, and the unions know it. They see gold trading near five hundred an ounce and know the mines aren’t losing money.”

“Can you increase production?” Another at the table asked.

“Our mines are two miles deep now. Every level we sink farther is a geometric increase in cost. It’s like building a skyscraper. To make it taller you can’t simply add a floor to the top. You must first reinforce the foundation and the structure. You must make sure the elevators can reach and that your water and sewer lines can take the additional capacity. Adding a floor to the top, architects say, costs as much and is as difficult as slipping a new floor under an existing building. Every new level we dig in our deepest mines costs two to three times as much to excavate as the one above it. We could get the gold, sure, but the expense far outweighs the profit.”

“Then we need to find alternative sources of bullion. Russia perhaps? Canada? The United States?”

“Not enough capacity to make a dent in the shortfall,” Volkmann answered. “Also, environmental protections in North America add a thirty to forty dollar premium per ounce.”

“What about exploration? We develop new mines, maybe bring order to the chaotic gold mines of Brazil so they can increase production.”

“Even with the latest equipment and management, the veins in Brazil aren’t big enough to fill an armored car in a year,” Bryce replied. “And as for exploration, there are gold reefs out there. We even know where some of them are. It would take years just to cut through the bureaucracy to stake claims, and then you’d need to invest billions of dollars to bring any of them up to the production levels you gentlemen require.”