Gold has been valued as a quasi-currency for centuries for its malleability, lack of industrial uses and relative scarcity.

But despite warnings from gold bugs that central banks and emerging-market investors are snapping up all available stockpiles, there's still a lot of it available to the market.

Barclays calculates that gold supply from mines and recycled scrap will outpace demand for investment, jewelry and industry combined, by about 950 metric tons this year, and more than 1,200 tons in 2012.

The gold futures market, in typical fashion, ignores supply and demand, hovering today just below $1,700 an ounce.

In 2007, when the gold production surplus stood at just 50 tons, prices averaged just $700 an ounce.