Stock, not flow: why new gold barely moves the price
Stock-to-flow for gold: an above-ground stock of around 220,000 tonnes against annual mine production of only around 3,300 tonnes (about 1.5 %).
Stock, not flow: why new gold barely moves the price
Almost all the gold ever mined still exists — as bars, coins and jewellery. Annual mine production adds only a fraction to that vast stock. This is why the demand side moves the price far more than production does.
Areas to scale (1.5 %). Stock: World Gold Council, as of 12/31/2024, carried forward with world production from the U. S. Geological Survey. 2025 production: USGS, Mineral Commodity Summaries 2026 (estimate). The large, slow-moving stock is the reason gold is seen as a store of value and short-term swings in production barely affect the price.
Where the numbers come from
This chart is based on annual figures that we enter by hand as soon as the source publishes a new edition.
- external source World Gold Council — above-ground gold stock, extrapolated with USGS production — new values annually
- external source USGS — Mineral Commodity Summaries, world mine production — new values annually
Switching to Chart above shows the rendering directly in your browser. The Image version — including the one for sharing and downloading — is a still image generated nightly at 02:30. Last generated on 11/09/2026 at 02:30.
Using this chart
You may embed and pass it on freely — in articles, presentations and on social media — as long as PreciousMetalPrices.com is named as the source and linked to this page. The share button at the top right provides the version with logo and QR code; the switch beside it toggles between the interactive chart and the image.
