The following charts show the slow turning in the gold markets.
Here's the big picture of known physical gold holdings: ETFs, PM Funds, Mints etc
The total topped 100 million ounces in late 2012 & over the sell-off in the gold price fell to a low just under 70 million ounces (30% decline).
The same as above but overlaid with the gold price.
And a short term view showing the gold price (blue) vs physical gold holdings (black).
As can be seen the physical gold holdings as a group have stopped the decline & are looking as though they are about to turn up.