The Globe and Mail reports in its Monday edition that the world's top gold miners are retrenching after COVID-19-related shutdowns despite record prices for the commodity, with cost-conscious executives prioritizing investor returns over production growth. A Reuters dispatch to The Globe says that gold prices have jumped 30 per cent this year to roughly $2,000 an ounce as central banks dial up stimulus measures in response to the pandemic. That has fuelled a cash surge for miners, with top- and mid-tier producers holding roughly $5-billion (U.S.) in cash as of June 30. However, executives, analysts and fund managers are hesitant to spend on pricey projects and tap marginal deposits that require sizable capital and take years to break even. Seven out of 10 of the global gold miners, including Newmont, Barrick and South Africa's Gold Fields, have cut planned output for the year by 7 per cent, citing virus-related shutdowns. The caution is a reversal from the 2011 gold price boom, which prompted buyers to overspend on acquisitions and led to billions in impairments when prices crashed in subsequent years. Companies which have won back investor favour are fearful of making similar mistakes, such as chasing volume.