You only need to look at Barrick Gold Corp. ( TSX:ABX )(NYSE:ABX) to see the potential impact of a rate rise. It has a massive US$11.2 billion in debt, which is costing it in excess of US$500 million annually to service, and any rate hike would trigger a considerable increase in financing costs. Nonetheless, unlike other gold miners, Barrick's cost of production remains low, with third-quarter all-in-sustaining-costs (AISCs) of US$771 per ounce. This compares favourably with Goldcorp Inc. (TSX:G)(NYSE:GG), which reported AISCs of US$848 per ounce for the same period. However, Goldcorp, unlike Barrick, is not heavily levered and, with its financing costs at almost a third of Barrick's, it is not as vulnerable to a rate hike. So what? Despite some analysts claiming that the sharp sell-off of gold miners has left some attractively priced, this is an industry that investors should avoid.