Where's the gold -- or the silver?

``... what is happening to the newly mined physical gold and silver?  Where's the gold?  India and China on their own account would nowadays seem to take the bulk of global production based purely on Indian government statistics and Chinese official data for imports through Hong Kong, coupled with China's own gold production which doesn't leave the country.  Add to that smuggled gold (into India in particular) and gold possibly entering China through other channels plus announced Central Bank purchases  and one wonders indeed how physical demand elsewhere in the world is being satisfied -- and there is indeed demand for physical bullion other than in those two nations and from the Central Banks.  Gold and silver bullion coins are selling at record levels and this may even be dwarfed by sales in small bar form.  The real statistics just don't seem to add up.''