Best of the Week
Most Popular
1. TESLA! Cathy Wood ARK Funds Bubble BURSTS! - 12th May 21
2.Stock Market Entering Early Summer Correction Trend Forecast - 10th May 21
3.GOLD GDX, HUI Stocks - Will Paradise Turn into a Dystopia? - 11th May 21
4.Crypto Bubble Bursts! Nicehash Suspends Coinbase Withdrawals, Bitcoin, Ethereum Bear Market Begins - 16th May 21
5.Crypto Bubble BURSTS! BTC, ETH, XRP CRASH! NiceHash Seizes Funds on Account Halting ALL Withdrawals! - 19th May 21
6.Cathy Wood Ark Invest Funds Bubble BURSTS! ARKK, ARKG, Tesla Entering Severe Bear Market - 13th May 21
7.Stock Market - Should You Be In Cash Right Now? - 17th May 21
8.Gold to Benefit from Mounting US Debt Pile - 14th May 21
9.Coronavius Covid-19 in Italy in August 2019! - 13th May 21
10.How to Invest in HIGH RISK Tech Stocks for 2021 and Beyond - Part 2 of 2 - 18th May 21
Last 7 days
Evergrande China's Lehman's Moment, Tip of the Ice Berg in Financial Crisis 2.0 - 21st Sep 21
The Fed Is Playing The Biggest Game Of Chicken In History - 21st Sep 21
Focus on Stock Market Short-term Cycle - 21st Sep 21
Lands End Cornwall In VR360 - UK Holidays, Staycations - 21st Sep 21
Stock Market FOMO Hits September CRASH Brick Wall - Dow Trend Forecast 2021 Review - 20th Sep 21
Two Huge, Overlooked Drains on Global Silver Supplies - 20th Sep 21
Gold gets hammered but Copper fails to seize the moment - 20th Sep 21
New arms race and nuclear risks could spell End to the Asian Century - 20th Sep 21
Stock Market FOMO Hits September Brick Wall - Dow Trend Forecast 2021 Review - 19th Sep 21
Dow Forecasting Neural Nets, Crossing the Rubicon With Three High Risk Chinese Tech Stocks - 18th Sep 21
If Post-1971 Monetary System Is Bad, Why Isn’t Gold Higher? - 18th Sep 21
Stock Market Shaking Off the Taper Blues - 18th Sep 21
So... This Happened! One Crypto Goes From "Little-Known" -to- "Top 10" in 6 Weeks - 18th Sep 21
Why a Financial Markets "Panic" May Be Just Around the Corner - 18th Sep 21
An Update on the End of College… and a New Way to Profit - 16th Sep 21
What Kind of Support and Services Can Your Accountant Provide? Your Main Questions Answered - 16th Sep 21
Consistent performance makes waste a good place to buy stocks - 16th Sep 21
Dow Stock Market Trend Forecasting Neural Nets Pattern Recognition - 15th Sep 21
Eurozone Impact on Gold: The ECB and the Phantom Taper - 15th Sep 21
Fed To Taper into Weakening Economy - 15th Sep 21
Gold Miners: Last of the Summer Wine - 15th Sep 21
How does product development affect a company’s market value? - 15th Sep 21
Types of Investment Property to Become Familiar with - 15th Sep 21
Is This the "Kiss of Death" for the Stocks Bull Market? - 14th Sep 21
Where Are the Stock Market Fireworks? - 14th Sep 21
Play-To-Earn Cryptocurrency Games Gain More and Is Set to Expand - 14th Sep 21
The CashFX TAP Platform - Catering to Bull Investors and Bear Investors Alike - 14th Sep 21
Why every serious investor should be focused on blockchain technology - 13th Sep 21
SPX Base Projection Reached – End of the Line? - 13th Sep 21
There are diverse ways to finance the purchase of a car - 13th Sep 21
6 Tips For Wise Investment - 13th Sep 21 - Mark_Adan
Gold Price Back Below $1,800! - 10th Sep 21
The Inflation/Deflation debate wears on… - 10th Sep 21
Silver Price seen tracking Copper prices higher - 10th Sep 21
The Pitfalls of Not Using a Solicitor for Your Divorce - 10th Sep 21
Investing in a Bubble Mania Stock Market Trending Towards Financial Crisis 2.0 CRASH! - 9th Sep 21
This Boom-Bust Cycle in US Home Ownership Should Give Home Shoppers Pause - 9th Sep 21
Stock Market September Smackdown Coming Next? - 9th Sep 21 - Monica_Kingsley
Crazy Crypto Markets How to Buy Bitcoin, Litecoin for Half Market Price and Sell for TRIPLE! - 8th Sep 21
Sun Sea and Sand UK Holidays 2021, Scarborough in VR 180 3D! - 8th Sep 21
Bitcoin BTC Price Detailed Trend Forecast Into End 2021 - 8th Sep 21
Hyper Growth Stocks - This billionaire is now using one of our top strategies - 8th Sep 21
6 common trading mistakes to avoid at all costs - 8th Sep 21
US Dollar Upswing, S&P 500 and Nasdaq Outlook - 7th Sep 21
Dovish Assassins of the USD Index - 7th Sep 21
Weak August Payrolls: Why We Should Care - 7th Sep 21
A Mixed Stock Market - Still - 6th Sep 21
Energy Metals Build Momentum; Silver & Platinum May Follow - 6th Sep 21
What‘s Not to Love About Crypto Market Fireworks - 6th Sep 21
Surging US Home Prices and Gold – What’s the Link? - 6th Sep 21

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

The Run On U.S. Gold Continues....

Commodities / Gold and Silver 2014 Mar 24, 2014 - 03:26 PM GMT

By: Steve_St_Angelo

Commodities So where is China getting all of its gold?  One of the large sources turns out to be the United States.  The U.S. experienced another record year of net gold exports in 2013.  Not only were gold exports at record levels, imports into the U.S. fell nearly half compared to 2010.

If we look at the chart below, U.S. gold exports in 2010 were 383 metric tons (mt), however by 2013, they increased 81% to 692 mt.  In addition, U.S. gold imports fell 48% from 604 mt in 2010 to 313 mt in 2013.


According to the USGS Gold Mineral Industry Survey (published late), the U.S. exported the majority of its gold in the first half of the year.  By the end of June, the U.S. exported 406 mt, averaging 68 mt a month.  In the second half of the year, the U.S. only exported 286 mt, averaging 48 mt a month.

The months with the largest exports during 2013 were March at 89.1 mt and April at 76.6 mt.  The total import-export figures based on three categories of gold:

1) ores & concentrates

2) Dore' & precipitates

3) Refined bullion

The overwhelming majority of gold exported was in the form of Refined bullion (488 mt), followed by Dore' bars & precipitates (197 mt) and ores & concentrates (7.6 mt).  If we just focus on refined gold bullion exports, the table below details which countries received gold from the U.S. in 2013:

As we can see, Hong Kong received the most gold bullion from the U.S. at a total of 214 mt, followed by Switzerland at 150 mt and the U.K. at nearly 29 mt.  Thus, the top three countries imported 393 mt (80%) of the total 488 mt exported in 2013.

Some interesting data points to look at are the 27 mt imported by Thailand and 11 mt China received in 2013.  If the majority of U.S. gold exported to Hong Kong and Switzerland made its way to China and other Eastern countries, we can assume that nearly 75% of total U.S. gold exports went to the East... with the majority going to the Chinese.

The huge wholesale buying of gold by the Chinese in 2013, put a big damper on U.S. gold imports.  Koos Jansen at InGoldWeTrust stated that total Chinese wholesale gold demand was 2197 mt in 2013.  According to Koos, this did not include Peoples Bank of China purchases which may have put the total at 2,500 mt.

As the U.S. struggles to maintain its domestic gold production, mine supply fell from 234 mt in 2012 to 231 mt in 2013.  This may not seem like much of a decline, but if we look at a longer dated chart.... the U.S. peaked in gold production in 1998 at 366 mt.

This chart published in my article, GOLD PRODUCTION WARS:  The East Slays The West, shows that U.S. gold production declined 36% since 1998.  The USGS estimated domestic production would remain flat in 2013 at 234 mt, however it fell slightly.  If you haven't read the article linked above, I highly recommend it.

Since 1997, the year the top three Western gold producers peaked, total gold production from Australia, U.S. and Canada declined from 845 mt to an estimated 624 mt in 2013.  On the other hand, the two top Eastern producers (China & Russia) increased their produce in the same time period from 290 mt to a staggering 664 mt in 2013.

This is clearly seen in the table below:

Amazingly, China & Russia's gold production now surpasses the total of the top three Western countries by an estimated 40 metric tons.  Things just don't look good for the West.

As the West continues to print fiat currency and manufacture derivatives to keep their financial systems from imploding, the Chinese and Russians focus on increasing their domestic gold mine supply while the East absorbs whatever gold the West can deliver.

This becomes even more apparent when we look at the following chart.  Even though total U.S. gold exports in 2013 were nearly the same as they were in 2012, net gold exports increased due to a drop in imports and a decline mine supply.

(figures above based on imports, exports and domestic mine supply)

Here we can see the United States had net gold imports of 452 mt in 2010 and 267 mt in 2011.  However, in the past two years net gold imports turned negative.  In 2012, the U.S. suffered a negative gold net import of 126 mt and increased this amount to a net loss of 148 mt in 2013.

In the past two years, the United States exported 275 metric tons of gold more than its total domestic mine supply and imports combined.  This is not a trend that can last very long or the U.S. will find its gold shelves empty at some point in the future.

I plan to publish an interesting article on the huge decline of U.S. Gold scrap exports.  There were some very interesting events that took place in the U.S. gold scrap import-export market in 2013.

Please check back at the SRSrocco Report as I will be providing a new REPORTS PAGE including my first paid report, THE U.S. & GLOBAL COLLAPSE REPORT.  You can also follow us at Twitter at the link below:

SRSroccoReport Twitter Button2014 Copyright Steve St .Angelo - All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in