The first three quarters of 2014 saw supply of about 3,147 tonnes, which puts the whole year on track to come out at about 4,196 tonnes.

If that is the case, it means supply in 2014 will be 1.4 percent lower than in 2013 and about 6 percent below the level of 2012.

So far, much of the reduction in supply has been from recycled gold, which dropped 25 percent in the third quarter to 250.5 tonnes from 333.7 tonnes in the same quarter last year.

Falling gold supply a rare beacon of hope for price recovery