I've done this math, too.
Correct. It's circa 1 trillion oz yearly supply for the world. However:
The US alone produce only 40 millions oz, while they consume 120 millions (thus, the US MUST import the 80 other millions).
Mexico is a big producer, with 150 millions oz produced (15% of world production).
So... 4 millions oz is correctly 10% of the US production ONLY, and that's 3% of its consumption.
Of course, we're talking here above about all usages, across the board (industrial, bullion, jewelry, ...)
I first got myself familiar with the figures (with sources) back then:
"Cyril" pronounced "see real". I code stuff.
"To study and not think is a waste. To think and not study is dangerous." -- Confucius
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