During the last decade, the total demand for gold has skyrocketed as demand sources diversified.

Total gold demand for investment, fabrication and hoarding has tripled since 2001 to almost $120 billion in 2009, even as the gold price increased.

Gold-based ETFs (Exchange Traded Funds) have been a significant source of investment demand.  The amount of physical gold held by these funds has increased from nearly zero in 2003 to more than 30 million ounces in 2010.