↑ Mine Supply rises → Gold falls ↓Source: World Gold Council — Gold Demand Trends·Annually (industry demand report, ~Feb each year)
Loading historical data…t/year
NO DATA
What is the Mine Supply?
This is how much new gold miners physically dig out of the ground worldwide in a year. Unlike most goods, gold supply barely responds to price — mine output has been roughly flat since 2018 even though gold prices have climbed sharply over that same period.
That's unusual. Normally, higher prices make producers ramp up supply. With gold mining, new large deposits are hard to find and opening a mine takes years of permitting, so supply just can't react quickly.
How does it affect gold?
↓ Rule: When Mine Supply rises → gold tends to fall
In theory, more mine supply means more gold available, which should push prices down — same as any commodity. But because supply barely moves year to year, this indicator matters less for day-to-day price swings and more as a slow background fact: whatever happens to demand (from central banks, ETF investors, or jewelry buyers), miners can't quickly supply more to meet it.
Think of it like a farm that can't plant more fields no matter how high the price of wheat goes — the land just isn't there.