and demand for the period from 2011 to 2020 and is based on information reported by the World Gold Council. (tonnes) 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Supply Mine production 2,868 2,882 3,076 3,180 3,222 3,251 3,247 3,332 3,530 3,473 Scrap 1,698 1,700 1,303 1,159 1,180 1,306 1,210 1,178 1,281 1,302 Net Hedging Supply 18 (40 ) (39 ) 108 21 32 (41 ) 8 (0.7 ) (52 ) Total Supply 4,584 4,542 4,340 4,447 4,423 4,589 4,416 4,518 4,810 4,723 Demand Jewelry Fabrication 2,099 2,066 2,726 2,559 2,464 1,953 2,214 2,129 2,122 1,327 Industrial Fabrication 470 432 428 411 376 366 380 391 326 302 Electronics 342 310 306 297 267 264 277 288 262 248 Dental & Medical 43 39 36 34 32 30 29 29 13.9 11.9 Other Industrial 85 84 85 80 76 71 73 74 49.8 42 Net Official Sector 457 544 409 466 443 269 366 536 668 255 Retail Investment 1,617 1,407 1,871 1,162 1,160 1,043 1,028 1,097 871 899 Bars 1,248 1,057 1,444 886 875 786 780 800 579.6 537 Coins 369 350 426 276 284 257 248 297 292 292 Physical Demand 4,643 4,449 5,434 4,598 4,443 3,631 3,988 4,153 3,987 2,783 Physical Surplus/(Deficit) -59 93 -1,094 -151 -20 958 428 365 823 1,940 ETF Inventory Build 189 279 (879 ) (155 ) (117 ) 539 177 59 398 873 Exchange Inventory Build (6 ) (10 ) (98 ) 1 (48 ) 86 — (21 ) — — Net Balance (242 ) (176 ) (117 ) 3 145 333 251 327 425 193 Sour World Gold Council Gold Survey 2021 The following are some of the main characteristics of the gold