The following graphic from RBC is especially interesting because it illustrates that physical gold demand declined significantly during the 1st quarter of 2016 despite strong price performance (up ~15%) from the yellow metal:
This data also gibes with futures CoT data which shows that speculators have aggressively increased net length in gold futures while commercials (producers) have used the rally to hedge and liquidate physical production. It will be interesting to see if this downtrend in physical gold demand reverses in Q2 2016.