LIVE Gold Prices $  | E-Mail Subscriptions | Update GoldSeek | GoldSeek Radio 

Commentary : Gold Review : Markets : News Wire : Quotes : Silver : Stocks - Main Page 

 GoldSeek.com >> News >> Story  Disclaimer 
 
Latest Headlines

COT Gold, Silver and US Dollar Index Report - August 23, 2019
By: GoldSeek.com

Gold Mid-Tiers’ Q2’19 Fundamentals
By: Adam Hamilton, Zeal Research

Trump Floats Payroll & Capital Gains Tax Cues to Forestall Recession
By: Mike Gleason

How’s That Recession Coming, Dave?
By: David Haggith

Precious Metals Update Video: Jackson Hole Powell's Speech in focus today, Gold bias is up
By: Ira Epstein

Seven Key Words That Explain "Stupidly High" Prices
By: Daniel R. Amerman

Gold, Silver, Mining Stocks: Get Ready For A Huge Ride Higher
By: Dave Kranzler

On The Job Training
By: Ted Butler

Precious Metals Update Video: FOMC minutes: What's going on?
By: Ira Epstein

Economist Lays Out the Next Step to Wonderland for the Fed
By: Gary Tanashian

 
Search

GoldSeek Web

 
Something Big Changed In The U.S. Gold Market In 2017


 -- Published: Thursday, 11 May 2017 | Print  | Disqus 

By Steve St. Angelo, SRSrocco Report

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 year:

Total 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?

Check back for new articles and updates at the SRSrocco Report

 


| Digg This Article
 -- Published: Thursday, 11 May 2017 | E-Mail  | Print  | Source: GoldSeek.com

comments powered by Disqus



 



Increase Text SizeDecrease Text SizeE-mail Link of Current PagePrinter Friendly PageReturn to GoldSeek.com

 news.goldseek.com >> Story

E-mail Page  | Print  | Disclaimer 


© 1995 - 2019



GoldSeek.com Supports Kiva.org

© GoldSeek.com, Gold Seek LLC

The content on this site is protected by U.S. and international copyright laws and is the property of GoldSeek.com and/or the providers of the content under license. By "content" we mean any information, mode of expression, or other materials and services found on GoldSeek.com. This includes editorials, news, our writings, graphics, and any and all other features found on the site. Please contact us for any further information.

Live GoldSeek Visitor Map | Disclaimer


Map

The views contained here may not represent the views of GoldSeek.com, Gold Seek LLC, its affiliates or advertisers. GoldSeek.com, Gold Seek LLC makes no representation, warranty or guarantee as to the accuracy or completeness of the information (including news, editorials, prices, statistics, analyses and the like) provided through its service. Any copying, reproduction and/or redistribution of any of the documents, data, content or materials contained on or within this website, without the express written consent of GoldSeek.com, Gold Seek LLC, is strictly prohibited. In no event shall GoldSeek.com, Gold Seek LLC or its affiliates be liable to any person for any decision made or action taken in reliance upon the information provided herein.