Record U.S. Gold Bullion Exports Head to Hong Kong & Switzerland

2013 Top 3 US Gold Bullion Exports newCompiling 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.

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From the SRSRocco Report:

As the Fed continues with its Quantitative Easing policy, U.S. gold bullion exports hit a new record in the first nine months of 2013.  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.
Not only have gold bullion exports during Jan-Sept hit new records, they have already surpassed the total for 2012.  If we look at the chart below, we can clearly see who has received most of the gold.

2013 Top 3 US Gold Bullion Exports new

In the first nine months of 2013, Hong Kong received 176.3 mt (metric tons), Switzerland 130.9 mt and the United Kingdom 26 mt.  Of the 416 mt of U.S. gold bullion exports Jan-Sept, these three countries received 342 mt or 82% of the total.

Why is this such a big deal?  Because in the first nine months of 2012, total U.S. gold bullion exports were only 283 mt compared to the 416 mt so far this year.  Which means the United States has exported 47% more gold bullion at an additional 133 mt compared to the same period last year.

Furthermore, total U.S. gold bullion exports in 2012 were only 371 mt compared to the 416 mt in the first nine months of 2013.

As the price of gold started to decline in March of this year, including the huge take-down in April, U.S. gold bullion exports picked up significantly:

US Total Gold Bullion Exports

The number of gold bullion exports increased from 40.1 mt in Jan to 62.1 mt in April.  Then we can see they fell in May (38.1 mt) and June (40.7 mt) as the gold buyers were waiting to see if prices would stop falling.

What is interesting to see here is that there were a higher amount of gold bullion exports in July (64.4 mt) than in April (62.1 mt).

And in June, the price of gold finally bottomed right below $1,200 level.  As the price started to rise in July, gold exports to Hong Kong & Switzerland picked up substantially.  The table below details which countries were the recipients of U.S. gold bullion exports.

2013 U.S. Gold Bullion Exports Table

Not only did Hong Kong increase its gold bullion imports from the U.S. in July to 27.9 mt up from 15.5 mt in June, but it jumped even higher in August when it reached a 30.7 mt — a record month for the year.

According to the data from the USGS Gold Mineral Industry Surveys for Jan-Sept 2013, Hong Kong has received a total of 176.3 mt and Switzerland 130.9 mt.  The United Kingdom came in third at 26 mt while Thailand came in fourth at 21. mt, followed by South Africa at 19.5 mt, Canada at 15.3 mt, China at 11 mt and India at 2.7 mt.

There was an additional 13.5 mt that went to several misc. countries in which the United Arab Emirates received the greater share.

Now, I want to make something clear here.  These figures only represent “Gold Bullion” exported out of the United States.  There are also two other categories that come under the heading of gold exports beside manufacturing and scrap supply.  We also have the following:

JAN-SEPT Gold Exports:

Ores & Concentrates = 5.1 metric tons

Dore’ & Precipitates = 152 metric tons

If we add up all the three categories of  U.S. gold exports we have total of 573 metric tons for the first nine months of 2013.  This turns out to be a significant trend when we factor in several other figures.

As U.S. gold exports increased in 2012, its imports have fallen considerably.  The chart below shows the change in U.S. net gold supply:

U.S. Gold Net Supply NEW

The chart is broken down into four components;  Mine Production, Gold Imports, Gold Exports and Net Supply.  There is no real change in U.S. gold mine supply, but we can certainly see that gold imports have fallen off dramatically since 2011.

U.S. gold imports fell to 332 metric tons in 2012 down from 507 metric tons in 2011.  I would imagine overall gold imports in 2013 will be about the same as they were in 2012 when we receive the remaining four months of data from the USGS.

However, the big change here is the large increase of U.S. gold exports.  Total gold exports out of the U.S. increased from 474 mt in 2011 to 693 mt in 2012.  Currently, the United States has exported 573 mt, 45 mt more than the same period last year.

Compiling all the figures  for the past three years (including only Jan-Sept 2013), the United States has a negative 171 mt of net gold supply so far in 2013.  Basically, 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.

It will be interesting to see what takes place for the remainder of the year.  If we consider that Hong Kong had record gold imports in October, I would imagine the U.S. supplied a good portion of this amount.

Lastly, 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.

 

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Comments

  1. I could not resist the price drop, just bought 2 more 1oz Gold Eagles from JM Bullion.

  2. I will continue to buy on the way down.  I don’t want to miss the opportunity of these prices.  I only have a few more to buy before I reach my goal on gold.  Then back to buying silver.

  3. So let’s recap, record China imports, London vaults near empty, and now this, record US gold exports. Oh, and the Swiss refining operations going 24/7 to supply China with all that gold. I’d say we will hit the wall at ramming speed before too long. Why? All these events are happening at a much quicker pace now, that’s why.
     
    These prices are a gift from heaven while supply is still there. One day we will look back in amazement at this epic disaster and marvel that people whined, complained and sat on their big fat asses while Rome burned to the ground.
     
     

    • Spot on BoP!

    • Bix Weir had better be right, when he states that we have many multiples MORE of secret reserves. 
      As in the U$A may have up to 1 million tons of actual Gold reserves. I know, that is around 6 times 
      the “admitted” World Reserve figure, but the admitted figure is ridiculously LOW. Read his article on 
      RTR about hidden or secret reserves. Amazing…
       
      Howdy BAY  ;)
      Fun chat we had during the FOMC lol
      …and now a message from BENNY

    • The timing of hitting the wall is totally dependent on how much gold the USA have as a private little stash off the books. 
      Would you tell the neighbours how many cans of dried meat you have in the basement? Come SHTF, you’ll not be able to go to work without finding your stash depleted. Same for USA. With so many wars going on, who’s garding the house? You can bet they have a bit more than claimed. Even if it have 10 paper owners, they still HAVE it. If they don’t have more, then they’re stupid. Well, the ancient history guys would be. And they weren’t. Think about it.
      Gold might well be abundant. 

    • UGRR,
       
      I have heard the same thing.  Gold, much like diamond, is not that scare and the price is artificial based on hoarding.  If that is the case, then what the bankers are doing makes much more sense.  I am sure we are all going to find out shortly. 

    • Good analogy, XC
       
      I agree, O-Joe, we will find out shortly!

    • A million tons? LOL….I have to say, Bix has said some pretty outrageous things before, but that takes the cake.
       
      Laughable.

    • @Bay of Pigs
       
      I agree.  I find Bix wildly entertaining but I have absolutely zero interest in betting ANY money on his predictions.  I would rather take it to Lost Wages or Reno and play the craps and Black Jack tables.  The end result might be the very same but it would be a LOT more fun!
       

  4. Could genuine people and whistleblowers be strongarmed to present ridiculous figures? The figures make all they ever said and will say unbelievable.
    Karen Hudes, Bix…
    All it takes is 2 dark suits with matching sunglasses, and a few loved ones on the mind.
    tell the world a ridiculous gold reserve figure and we’ll never bother you again.
    USA could have 20,000 tons they are hiding from teh US people and the rest of the world. But making Hudes claim 8-fold and Weir 50-fold would cover the truth nicely.

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