That is true except when it is not  

Annual gold supply is just over 4,000 tonnes per year, with roughly 60% coming from miners and 40% from recycled gold (unlike industrial silver, gold is almost completely recovered and recycled back into above ground inventories).

I'm not a gold bug by any means, but $369.00 stuck under a mattress in 1996 would still be $369.00 - an ounce of gold would be worth a bit more.  So as long as NYC does not inflate as fast as USD it has a chance.

Year       Close
2015     $1,060.00
2014       $1,199.25
2013     $1,204.50
2012       $1,664.00
2011       $1,531.00
2010       $1,420.25
2009       $1,087.50
2008       $869.75
2007       $836.50
2006       $635.70
2005       $513.00
2004       $435.60
2003       $417.25
2002       $342.75
2001       $276.50
2000       $272.65
1999       $290.25
1998       $288.70
1997       $287.05
1996       $369.00