Call it the new gold rush.

The price of the yellow metal hit another record Wednesday at $1,119 an ounce.

The president of one of the world's biggest gold companies says the world may be running out of the precious metal.

Aaron Regent of Barrick Gold told the London Telegraph that global output has been falling since the year 2000.

The tighter supplies have helped drive gold to new highs and Regent believes gold production will keep falling in the years ahead.