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<p>[QUOTE=&quot;harrync, post: 2757875, member: 58588&quot;]This is mostly from memory, so might not be 100% correct: I started buying gold and checking out precious metal statistics in the mid-1950&#039;s. [My first gold coin was an XF $5 Indian - paid $9.50 for it.] Back then the estimates of the existing world supply was about 2 billion ounces - I remember thinking that was about an ounce per person, world wide.] My Dept. of Commerce book of statistics from that era says total US production through 1956 was about 400 million ounces, which would be about 20% of existing supply - seems reasonable to me. If you add another 60 years at 50 million ounces per year, you get a present supply of about 5 billion ounce - so I tend to go with that number, rather than the 10 billion. But I think the key thing is that whether the supply is increasing at 1 % / year, or 1/2 % / year, it is well under the growth of the world economy, so other things being equal [love that phrase - they never are], the price of gold should continue to increase.[/QUOTE]</p><p><br /></p>

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