RECORD U.S. GOLD BULLION EXPORTS HEAD TO HONG KONG & SWITZERLAND
DECEMBER 19, 2013
Compiling all the figures for the past three years, the United States has a negative 171 mt of net gold supply so far in 2013. This means that the U.S. has exported 171 mt more gold than it has produced from its mining sector and imports combined.
In 2011, the U.S. had a positive net supply of 265 mt, but due to high demand for gold abroad this fell in 2012 to a negative 127 mt. And as you can see, U.S. net gold supply continues to decline — a negative 298 mt since the beginning of 2012. While it’s no secret to anyone in the precious metal community, the majority of U.S. gold exports found their way to Hong Kong and Switzerland.
When we realize that the majority of U.S. gold exports to Switzerland and the U.K. are probably making their way to the East…. we can assume that the overwhelming majority of the gold leaving the shores of the United States is most certainly ending up in China. [