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In 2019, the WGC reports that the gold supply went up 2 percent to a total of 4,776 tons. The primary source was from mining, which was at 3,463.7 tons — marginally lower than 2018 but the first annual decline in ten years. Extracting gold from the ground is getting more difficult, and that is a positive sign for investors and speculators. Why? Because a decline in gold supply will put pressure on the price of gold to go up if gold demand continues to be stable or increasing.

The remaining supply came from recycling. In 2019, recycling sharply increased by 11 percent as the public took advantage of gold’s rise and sold their gold holdings such as jewelry and other consumer items with gold content. Because 2020 was a good year for gold’s price rise, I suspect that recycling will be strong because gold’s price rise occurred in an economic backdrop that was dreadful as thousands of businesses closed and unemployment hit record highs due to the pandemic and subsequent government lockdown procedures across the globe.