Daily Gold Silver Price

"Influencing factors Like most commodities, the price of gold is driven by supply and demand, including speculative demand. However, unlike most other commodities, saving and disposal play larger roles in affecting its price than its consumption. Most of the gold ever mined still exists in accessible form, such as bullion and mass-produced jewelry, with little value over its fine weight — so it is nearly as liquid as bullion, and can come back onto the gold market.[11][12] At the end of 2006, it was estimated that all the gold ever mined totalled 158,000 tonnes (156,000 long tons; 174,000 short tons).[13] The investor Warren Buffett has said that the total amount of gold in the world that is above ground could fit into a cube with sides of just 20 metres (66 ft)[14] (which is roughly consistent with 158,000 tonnes based on a specific gravity of 19.3). However, estimates for the amount of gold that exists today vary significantly and some have suggested the cube could be a lot smaller or larger.[by whom?] Given the huge quantity of gold stored above ground compared to the annual production, the price of gold is mainly affected by changes in sentiment, which affects market supply and demand equally, rather than on changes in annual production.[15] According to the World Gold Council, annual mine production of gold over the last few years has been close to 2,500 tonnes.[16] About 2,000 tonnes goes into jewelry or industrial/dental production, and around 500 tonnes goes to retail investors and exchange-traded gold funds.[16]"