2013 Total U.S. Gold Exports Jan-OctTotal U.S. gold exports picked up substantially in October after a low was hit in September at 37.6 metric tons.  As the price of gold declined from $1,400 at the beginning of September to a low of $1,250 in October, gold exports increased to Hong Kong & Switzerland.
Total U.S. gold exports increased 31% from 37.6 mt in September to 49.4 mt in October.
2014 may turn out to be an interesting year for gold.  There are so many inherent weaknesses in the present financial system, that anything could push it over the cliff.

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From the SRSRocco Report:

According to the USGS Gold Mineral Industry Survey, total gold exports from the U.S. to Hong Kong increased from 12.2 metric tons (mt) in September to 17.8 mt in October.  Furthermore, Switzerland had the largest increase as it imported 23.7 mt in October compared to 13.9 mt in September.

If we look at the chart below, we can see that total U.S. gold exports increased 31% from 37.6 mt in September to 49.4 mt in October:

2013 Total U.S. Gold Exports Jan-Oct

Even though total gold exports from the U.S. has been lower in the latter part of the year, it will still turn out to be a record for 2013.  Total gold exports include refined bullion, Dore’ & precipitates and ores & concentrates.

The table below represents the total U.S. Gold bullion only:

Total US Gold Bullion Exports 2013 Jan-Oct

As we can see, Hong Kong received the most gold bullion from the U.S. at 193.6 mt from Jan-Oct, while Switzerland received 143.5 mt.   Total U.S. gold bullion exports for the first 10 months of the year were 449 mt which accounted for 72% of overall total.

The remaining 28% of gold exports were 167 mt of Dore’ & precipitates and 6 mt of ore’s & concentrates.  The United States imported a great deal more Dore’ & precipitates than refined bullion in 2013.

U.S. Gold Imports 2013 Jan-Oct

Gold Bullion = 78 mt

Dore’ & precipitates = 184 mt

Total = 226 mt

What is interesting to see here is that the U.S. has exported nearly six times more gold bullion than it has imported from Jan-Oct (Exported = 449 mt / Imported = 78 mt).

Lastly, it looks like the supply of U.S. gold scrap exports has fallen substantially in 2013.  In the first ten months of 2013, gold scrap (gross weight) declined 55% at 121 mt compared to 266 mt during the same period last year.

Either the extreme low price of gold has killed the market for gold scrap, or the available sources of gold scrap are starting to run out.

2014 may turn out to be an interesting year for gold.  There are so many inherent weaknesses in the present financial system, that anything could push it over the cliff.

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    • That’s very interesting. There is no gold, the Germans ain’t getting any back, the story already went mainstream, inventories are all but empty, yet they persistantly throw what little is left onto a market in bulk just to get the price DOWN for a day or so…
      Anybody who thinks this is just a free market going on is a stupid MF at least. Nobody sells his assets in a way he would get as little profit as possible. If the short-selling was a market thing, the sellers would distribute their sell-contracts in a way they would get as high price as possible and make the biggest possible price diference when the price eventually falls over time at buy-back. But NOOOOO, it seems we have some BIG and loaded sellers who intend to earn as little as possible… who cares, we don’t need money, we’re just having fun, right?
      But I really do not understand this plot because it is so stupid. What are they supposed to do when they run out of every single bit of physical? This is gonna blow up so badly for everybody (except for Chinese and stackers maybe)… What are they thinking? How will they handle it? Will they just close the business down, sorry folks nothing to see here….? Do they think it will go away by itself or something? I really want to know, what happens when the jig is up. And of course, I wonder how they blackmail Germans not to file a lawsuit… There’s a lot of stuff going on behind the scenes… They could print up some money, take the price down by a sea of shorts, buy gold on the market and return it to Germans.

  1. Sometimes the leaders in this country remind me of a two bit grifter stealing the family silver.
    A funny story that just occured to me.  My dad used to warn me about my uncle. Uncle Vincent looked like a cross between a beagle and a toucan. Funny looking bird.  Every time he was invited to a family gathering and dinner, forced on my dad by the traditional English family formalities, dad and wife would always inspect the table to see what was missing from the family sterling. 
    Invariably a salt cellar, spoon or napkin ring had vanished. 
    Rather than embarrass Uncle Vincent over a post dinner snack of Sherry and Stilton Cheese, my dad would pay a visit to his brother’s home some time later to look up the piece or pieces that were squirreled away in a drawer or cupboard. Sometimes trips were consolidated after a few family dinners. By then Vincent would not remember all the little treasures taken home.
      A creature of habit, Vincent would leave his purloined goodes in the same places.  Dad’d excuse brother Vincent, saying that he was suffering from the war.  That was probably true to some extent. Vincent saw serious action in WWII, but this habit reminds me of the US today; similar actions and same excuses.
    We seem to have lost our collective minds, possibly as a result of the  stresses of the wars; continually found with our hands in the global family silver drawers.  If one wants to find their jewels they usually have to further to look than Uncle Sam’s cutlery drawer.  The problem now is that that eccentric uncle does not give up his ill gotten loot so easily as Vincent.

    Cheers Steve   Be careful of uncles with sticky fingers.

  2. We still need the paper market to be broken. We know that exports from the US are high, and we know that India (through smuggling), and China are buying from Singapore.
    I think silver is a dead duck, its all down to gold now, we need to buy gold….but that is a hell of a battle call, most people won’t buy gold, as its too expensive, and what pieces people can buy are so small that you can’t get much of a kick out of it.
    If the same battle call was sounded off “buy gold”, I think we can break the gold market. The whole German story says to me that there is trouble in the physical supply of gold.
    I wonder how much it would take to topple the market, and go over the top?
    Will the Germans ever get their gold back?

  3. With chinese new years approaching on January 31, where is all the talk about them buying gold and driving the price up?  It seems as though physical gold demand (from stackers, collectors, etc.) has no impact on the price.
    PM price movement is all about paper, not physical.

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