a bit of fun, pog for 2014, page-128

Hi Juk you are right, more than 10% in fact. Here's the WGC supply/demand data for third quarter in 2013:

http://www.gold.org/investment/research/regular_reports/gold_demand_trends/

However, it's the investment demand component which is most important because it accumulates year upon year. Industrial demand is consumed/destroyed, only some of it recycled.

Furthermore, the GFMS/WGC can only measure consumer investor demand not institutional big money "sophisticated" demand. This is highlighted by looking at the Chinese data on Koos Jansen's blog...

there's a big discrepancy between SGE physical deliveries, what China is known to be importing from HK, and official GFMS demand data, which understates the demand occurring in reality.