But those are nothing compared to all the gold in the world. Yes, gold will never be worth ZERO, but it can be worth a tiny amount. The current price of gold has absolutely nothing to do with either of those things. It's entirely to do with the mentality that gold is valuable because it's gold.
The market doesn't need to be flooded with supply for the value to fall, demand just needs to drop. And this is exactly what's been happening for the last year or so.
Of course it's been falling, the economy is improving. Stock markets are breaking records, seemingly, everyday and consumer confidence is greatly improved. When the economy is up, people move into stocks. When the economy is down, people move into gold. None of it has anything to do with Bitcoin.