Global gold demand is being primarily driven by emerging markets: Emerging markets have accounted for 70% of world gold demand over the last 10 years. Greater China alone made up 27% of global demand, the largest portion of any region, followed by India at 21%. As a result, the two countries accounted for nearly half of all global gold demand. By comparison, North America and Europe, including Russia, represented just 11% and 12%, respectively. On the supply side, mine production accounted for 74% of total gold supply, with recycling reflecting the remaining 26%. Africa is the largest gold supply source, at 26%, followed by Asia at 19%, the Commonwealth of Independent States (CIS), Central, and South America at 15% each, and North America at 14%. Emerging markets are fueling the gold rush.(The Kobeissi Letter)