-- Published: Thursday, 11 May 2017 | Print | Disqus
Gold Exports From U.S. – Something Big Is Happening
by SRSRoccoReport.com
Most Americans didn’t realize it, but something BIG changed in the U.S. gold market in the beginning of 2017. While precious metals sentiment and buying in the U.S. has dropped off considerably in the first quarter of 2017, the East continues to acquire gold, HAND OVER FIST.
How much gold? Well, let’s just say…. U.S. gold exports have nearly doubled during JAN-FEB 2017 versus the same period last yearTotal U.S. gold exports JAN-FEB 2017 surged to 101 metric tons (mt), compared to 56.5 mt last year. This is quite interesting because total U.S. gold mine supply plus gold imports for JAN-FEB 2017 only equaled 80 mt. Thus, the U.S. suffered a 21 mt gold supply deficit in the first two months of the year. Which means, someone had to liquidate an additional 21 mt of gold from their vaults to export to the East….. where they still understand the vital role of gold as REAL MONEY.
And where did the majority of U.S. gold exports head to? You got it….. Hong Kong-China & India.
Of the 101 mt of U.S. gold exports JAN-FEB 2017, Hong Kong-China and India received 61.8 mt, or nearly two-thirds of the total. Switzerland received 28 mt, U.K. imported 5.6 mt and the U.A.E. acquired 3.3 mt. The remaining 2.3 mt went to various countries such as, Germany, Canada and Mexico.
What is also quite interesting, is that the majority of the year-over-year increase went to Hong Kong-China and India. U.S. gold exports to Hong Kong-China and India doubled from 31 mt during JAN-FEB 2016 to 61.8 mt JAN-FEB 2017.
What does this all mean? It means, as U.S. precious metals investors continue to BICKER, COMPLAIN, BELLY-ACHE and WHINE about the low gold price, the Chinese and Indians smile as they continue to exchange increasing worthless fiat money for shiny yellow metal.
Matter-a-fact, I have heard from several sources, that many precious metals investors in the U.S. are selling gold into the market. This has to be one of the STUPIDEST things to do. Of course, if a person needs to sell gold to purchase something or pay bills… that is understandable. But, to sell gold because of low market sentiment, goes against all sound reasoning and logic to own gold.
People need to realize the U.S. and global financial and economic system are in the BIGGEST BUBBLE in history.
To sell one’s GOLD INSURANCE at this time, makes me wonder… what the hell happened to IQ’s recently?
Source: SRSRoccoReport.com
News and Commentary
Gold imports by India said to rise more than four-fold in April (Bloomberg.com)
Gold inches up from 8-week low as dollar weakens (Reuters.com)
U.S. Stocks Boosted by Oil Rally as Dollar Slips (Bloomberg.com)
U.S. import prices increase for fifth straight month (Reuters.com)
Europe Stocks Slip as Oil Leads Commodity Rebound: Markets Wrap (BloombergQuint.com)
Palladium set to overtake platinum – GFMS (EngineeringNews.co.za)
The Donald Finally Fired A Swamp Creature (DailyReckoning.com)
Eric Sprott praises GATA’s work at retirement dinner (Gata.org)
Panic! Like It’s 1837 (TheDailyBell.com)
Goldman Asks If Yellen Has Lost Control Of The Market, Warns Of Fed “Policy Shock” (ZeroHedge.com)
Gold Prices (LBMA AM)
11 May: USD 1,221.00, GBP 945.66 & EUR 1,122.95 per ounce
10 May: USD 1,222.95, GBP 944.61 & EUR 1,124.99 per ounce
09 May: USD 1,225.15, GBP 948.51 & EUR 1,124.20 per ounce
08 May: USD 1,229.70, GBP 948.71 & EUR 1,123.45 per ounce
05 May: USD 1,239.40, GBP 958.06 & EUR 1,130.33 per ounce
04 May: USD 1,235.85, GBP 958.15 & EUR 1,131.05 per ounce
03 May: USD 1,253.95, GBP 971.18 & EUR 1,148.99 per ounce
Silver Prices (LBMA)
11 May: USD 16.37, GBP 12.70 & EUR 15.06 per ounce
10 May: USD 16.29, GBP 12.59 & EUR 14.99 per ounce
09 May: USD 16.22, GBP 12.55 & EUR 14.88 per ounce
08 May: USD 16.38, GBP 12.64 & EUR 14.96 per ounce
05 May: USD 16.27, GBP 12.58 & EUR 14.85 per ounce
04 May: USD 16.50, GBP 12.80 & EUR 15.09 per ounce
03 May: USD 16.85, GBP 13.04 & EUR 15.44 per ounce
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-- Published: Thursday, 11 May 2017 | E-Mail | Print | Source: GoldSeek.com
