"In 2010, jewelry accounted for approximately 54% percent of gold demand, which totaled 3,812 tonnes, according to the World Gold Council and The London Bullion Market Association. ... Another 12% of demand is attributed to medical and industrial uses for gold, where it is used in the manufacturing of medical devices like stents and precision electronics like GPS units."
He never said what amount of gold goes into jewelry, which your source gives (the demand). His point was not the demand, but the value of gold associated with its use in jewelry or electronics (which I would argue is also high, but that's just my opinion).
"In 2010, jewelry accounted for approximately 54% percent of gold demand, which totaled 3,812 tonnes, according to the World Gold Council and The London Bullion Market Association. ... Another 12% of demand is attributed to medical and industrial uses for gold, where it is used in the manufacturing of medical devices like stents and precision electronics like GPS units."
http://www.investopedia.com/financial-edge/0311/what-drives-...