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Given the increasing price per ounce over time you would think so, but no: in 2023 about 3,000 metric tons of gold were added to the global supply.

Think what that implies about inflation and Bitcoin.

https://pubs.usgs.gov/periodicals/mcs2024/mcs2024-gold.pdf

Laeserin 1y ago

Rate of change is percentage of total supply, not an absolute number. Total above-ground stock is circa 212,582 tonnes, so your 3,000 denotes 1,4%, which seems too high, but okay.

Mining added 1% to supply, in 2023, and the majority of the rest of the supply growth came from recycled gold (mostly melted jewelry, as people responded to the spike in price) leading to a temporary jump of market-available gold of 3%.

https://www.gold.org/goldhub/research/gold-demand-trends/gold-demand-trends-full-year-2023/supply

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ynniv 1y ago

Not sure on those exact numbers since the page you link states 3,644 mined and 1,237 recycled in 2023, but I graphed production as a percentage of supply and you're right: it's basically 2%. Given this stability from 10 tons/yr to the recent 3,600 tons/yr, you have to wonder whether that's a free market decision. If not, then we still have the question of why 2%.

Laeserin 1y ago

Seems to expand with the size of the economy that uses it. Or something. No idea. 😂🤷‍♀️

ynniv 1y ago

I agree: the best way to find reliable truths is using the scientific method, but history is not a repeatable experiment.