Advertise | Bookmark | Contact Us | E-Mail List |  | Update Page | 

Commentary : Gold Review : Markets : News Wire : Quotes : Silver : Stocks - Main Page >> News >> Story  Disclaimer 
Latest Headlines

Gold Seeker Closing Report: Gold and Silver Gain with Stocks
By: Chris Mullen, Gold Seeker Report

Ira Epstein's Metals Video 11 15 2018
By: Ira Epstein

Will The Fed Sacrifice Retirement Portfolio Values For The "Common Good"?
By: Daniel R. Amerman, CFA

Here's How We Discovered This Disruptive Gold Stock... Before It Went Public
By: Frank Holmes

GoldSeek Radio Nugget: Rob Kirby and Chris Waltzek

Silver: Supported by D.C. and The Deep State
By: Gary Christenson

Blue Sky Uranium Reports over 1% U3O8 and 0.1% V205 in Pit Sampling Adjacent to Ivana Uranium-Vanadium Deposit
By: Blue Sky Uranium Corp.

Gold Oil and Commodities …Back to the Future?
By: Rambus

Investors And Analysts Know Nothing About Gold
By: Avi Gilburt

The New China and Gold
By: Arkadiusz Sieron


GoldSeek Web

U.S. Gold Exports Surge As Its Gold Trade Deficit Continues

 -- Published: Monday, 3 July 2017 | Print  | Disqus 

By Steve St. Angelo, SRSrocco Report

It’s no secret that the East (Asians and Indians) continue to acquire a lot of gold as Western demand has weakened this year.  According to the most recent data released by the USGS – United States Geological Survey, U.S. gold exports surged during the first four months of the 2017 versus the same period last year.

How much?  A great deal.  In the first four months of 2017, the U.S. exported a stunning 173 metric tons of gold (5.5 million oz) compared to 119 metric tons (3.8 million oz) during the same period last year.   Thus, U.S. gold exports Jan-Apr 2017 surged 45% versus last year:

This is quite a large increase.  I would imagine part of the increase is due to the fact that U.S. precious metals retail demand is off considerably ever since Trump was elected President.  U.S. Gold Eagle sales are down a whopping 62% 1H 2017 versus the same period last year.

For example, the U.S. Mint sold 501,000 oz of Gold Eagles during the first half of 2016, versus 192,000 oz for the first half of 2017.  This is a drop of 309,000 oz.

That being said, the drop off in physical gold investment demand in the U.S. has been offset by elevated demand in the East.  As I mentioned in a previous article, the U.S. exported 31.4 metric tons to Hong Kong alone in January.  Thus, Hong Kong received more than half (57%) of all U.S. gold exports during January this year.

So, what were the top five countries that received the majority of the 173 metric tons of U.S. gold exports?

Top 5 U.S. Gold Exports JAN-APR 2017 (mt =metric tons)

Hong Kong = 66.7 mt (38%)

Switzerland = 48.3 mt (28%)

U.K. = 25.5 mt (15%)

India = 22.9 mt (13%)

U.A.E = 6.1 mt (4%)

Of the 173 mt of U.S. gold exports, these five countries received 169.5 mt, or 98% of the total.  Hong Kong and India received 51%, while Switzerland and the U.K received 43% of the total.  However, much of the gold that is exported to Switzerland and the U.K. make its way to China, India or other Asian countries.  So, it is safe to assume that the majority of U.S. gold exports are eventually making their way to the East.

What is also quite interesting is that the U.S. continues to export more gold than it produces and imports.  During Jan-Apr 2017, the U.S. produced 77 mt of gold, while it imported 88 mt, for a total of 165 mt.  However, total U.S. gold exports for the first four months of the year equaled 173 mt, or 8 mt more than it produced and imported.

Thus, the U.S. continues to run a GOLD TRADE DEFICIT.

While precious metals investors in the West are frustrated by the low gold price (and the failure to break above $1,300), the East doesn’t seem to mind a bit.  The Eastern philosophy for owning gold is to acquire it on price dips for the longer term, while the West tends to become frustrated over the shorter term.

So, I don’t look at the 62% decline in U.S. Gold Eagle sales Jan-Apr versus last year, as a bad thing.  Rather, I just brush it off as the West ‘s FICKLE investment nature.

Lastly, I had the pleasure of chatting with Chris Martenson of this week.  It was way overdue because Chris is one of the few analysts whose work is quite similar to what we do here at the SRSrocco Report.  I will be releasing our interview when it is posted on their site.

Check back for new articles and updates at the SRSrocco Report.


| Digg This Article
 -- Published: Monday, 3 July 2017 | E-Mail  | Print  | Source:

comments powered by Disqus


Increase Text SizeDecrease Text SizeE-mail Link of Current PagePrinter Friendly PageReturn to >> Story

E-mail Page  | Print  | Disclaimer 

© 1995 - 2018 Supports

©, Gold Seek LLC

The content on this site is protected by U.S. and international copyright laws and is the property of 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 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

The views contained here may not represent the views of, its affiliates or advertisers. 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, is strictly prohibited. In no event shall or its affiliates be liable to any person for any decision made or action taken in reliance upon the information provided herein.