There’s less gold out there to be mined. John Reade, chief market strategist for the World Gold Council, a group representing the interests of mining companies and other participants in the sector, told CNBC that mine production is stalling out despite some gains earlier this year.

“It’s getting harder to find gold, permit it, finance it, and operate it,” he is quoted by CNBC as saying.

In April, the WGC said that mine production in the first quarter of this year was up 4% year-over-year to 893 tonnes. Recycled gold, however, is growing even more quickly, though from a lower level. Production is up 12% compared to the same time last year, by 350 tonnes.

In December, Forbes explored the idea of “peak gold,” which, like “peak oil,” refers to the point when the amount of a commodity to be minded is depleted and rising demand cannot be met.

Gold prices are up 12% for the year. The S&P 500 stock index, widely considered a benchmark for investment success, is also up 12% for the year.