U.S. Exporting Record Amounts of Gold Overseas
BY STEVE ST. ANGELO
In a stunning development over the first seven months of the year, the United States has run up a huge gold deficit as it has exported a record 424 metric tonnes of gold. This is indeed a significant amount when the U.S. exported a total of 488 metric tonnes for the entire year in 2011.
According to the USGS July Gold Mineral Industry Survey, the U.S. only imported 188 metric tonnes of gold between Jan-Jul, but exported 424 metric tonnes leaving a huge shortfall. Some of this deficit was made up by the U.S. domestic gold mine supply.
However, if we add up all the domestic gold mine supply plus the gold imports in the first seven months of 2012, the United States still ran a large 102 metric tonne gold account deficit.
The U.S. produced 134 metric tonnes of gold between January & July of 2012: