The Amazing Amount of Gold The U.S. Exported Since 2000

The U.S. exported a stunning amount of gold since the turn of the century.  As the price of gold surged along with the massive increase in U.S. debt, gold exports jumped to record highs.  In 2012 alone, the United States exported nearly 700 metric tons of gold.  The total amount of U.S. net gold exports over the past 17 years equaled the combined gold reserves of six high ranking countries.

While the U.S. exported nearly 8,000 metric tons (mt) of gold since 2001, it also imported a great deal as well.  Thus, we arrive at a “net export” figure by subtracting gold imports from gold exports.  During the past 17 years, there were only four years where the U.S. imported more gold than it exported.  These net gold import years were in 2004-2005 and 2010-2011 and totaled only 322 mt.

However, U.S. gold net exports were the mainstay as a staggering 2,340 mt of gold were shipped abroad.  If we look at the chart below, U.S. gold net exports picked up during the 2007-2008 U.S. Housing and Investment Banking collapse:

From 2012 to 2017, U.S. net gold exports totaled 1,354 mt or 43.5 million.  That’s one heck of a lot of gold.  Of course, the United States produces a lot of gold, 210-225 mt annually, however, domestic demand consumes a large percentage of that amount.

Now if we compare U.S. net gold exports versus the official reserves at top-ranking countries, the number turns out to be quite large.  The combined official gold holdings of the U.K., Saudi Arabia, Portugal, Taiwan, European Central Bank and India of 2,512 mt is about the same amount of U.S. net gold exports (2,430 mt) from 2001 to 2017.  Moreover, Italy (2,452 mt) and France (2,436 mt) which rank 4th and 5th respectively in official world gold reserves, are approximately the same amount of U.S. net gold exports during the same period (official gold reserves: source, World Gold Council).

The majority of U.S. gold exports were shipped to Switzerland, the U.K., and Hong Kong.  These three countries received more than 80% of U.S. gold exports during the 17-year period.

When the U.S. Dollar finally loses its world reserve status, Americans are going to wish that they held onto their gold instead of sending it overseas, ending up mostly in China and India.


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50 Comments on "The Amazing Amount of Gold The U.S. Exported Since 2000"

  1. DisappearingCulture | March 9, 2018 at 11:21 am |

    And it begs the question, out of what vaults & storage did all this come from?

  2. OutLookingIn | March 9, 2018 at 12:07 pm |

    The 400 oz. good for delivery LBMA gold bars are slowly being supplanted by the 1 kilo bar, preferred by eastern markets. The large 400 oz. gold bars remain the domain of the few private and institutional investors, with very deep pockets and governments.
    According to Swiss refiners almost all gold received in the form of 400 oz. bars, is remelted and cast as 1 kilo bars with destinations other than the western nations. It has now been 64 years since the gold bullion held by the federal government, has undergone a physical audit that is honest and transparent.
    Any such so-called audits that have occurred since 1954, were just cursory and only paid lip service to the calls for an in depth, honest and transparent audit. Why is the federal government, the treasury along with the federal reserve, so reluctant to conduct an honest, transparent in depth audit of the nation’s gold? If it’s there, it should be no problem. Right? If it’s there.

    • OLI, I too have long wondered why there is no demand for a proper audit of our national gold.

      I believe the cost would be peanuts for a thorough inspection by independent experts, you would need a team…: chemists, instrumentation engineers, statisticians, a film crew, government auditors, etc. Still, doing a thorough audit would be cheap, perhaps on the order of $10 million?

  3. Does the US store some gold abroad?

    Seems not. Many countries store parts of their gold holdings abroad, although repatriating large chuncks for the last couple of years. Who says the US doesn’t have storage in other countries?

    When it comes to gold, official numbers don’t count. They rig the paper price, they rig their holdings. They rig interest rates, they rig libor, they rig stockmarkets, come on now…

    When the tide goes out, we’ll see who swims with their clothes on.

  4. hey. good reading. about exports. 2340 m/t- inport 320 = 2000 m/t. Produtction in US in last 17 years was about 3700 m/t. so US still got 1700 m/t left – about 2700 was consumpt by in US. so 1000 m/t came out of deep state bag. not bad. But take a look silver chart. from trupm election. ok silver daily chart and put on 200 MA. and compere with COT report. in march and may 115 contract, in jun sep oct and nov about 75, jan feb 35, and now that is hitting again is only 14 left. base on this action looks like brake thru.

    • Yeah, did you see the chart of coloidal silver? Honey, it flies off the shelves as we speak.

    • joni,

      I would like to clarify some of your figures. First of all, the 2,340 U.S. net gold exports included the exports. So, the total net gold exports are 2,430. Consumption was actually higher than 2,700 mt… maybe more like 3,300-3,600 mt. in 2006, U.S. total Gold Jewelry and investment demand was 338 metric tons. This doesn’t include industrial gold consumption. So, the majority of that 2,430 mt U.S. net gold exports were shipped.


      • that would be more than 25% of our presumed holdings. Pretty sure this whole crowd is waiting to see if every last ounce has been stolen, and that is when they will finally let the market run. Keep stacking y’all.

  5. In the old days (prior to 1913) I believe banks were audited to ensure they had the equivalent physical gold on their premises to cover the paper currency they had issued. The story goes this was not always the case. To account for this slight of hand it is told the banks would transport by horse or other means physical gold from bank to bank ahead of the auditor. Having got away with this little trick their cunning became even more daring; they coated tungsten with gold and used this as a means to deceive the auditors. Lol

    So my question is this; “Is the gold exchanged between countries physically imported and exported”? I am referring to western countries here not eastern countries. Seems like a lot of work to me for a commodity that doesn’t appear to count for much in the west.

    Or is a gold certificate (only)issued to account for the transaction and the gold remains where it is? I ask this because if you actually have the stuff in the back of your truck and it is not gold coated tungsten you could just rip up any gold certificate it referred to.

    Having the gold in your hand I would assume would be 99% of ownership. Never trust a banker!!!

  6. A few points:
    -None of you really knows if these numbers are accurate or not. The most we can do is assume that somebody somewhere tried to accurately document it.
    -Because paper trading dwarfs physical gold, the physical gold market has no impact on the paper price; that is why all of this eastern demand is not causing the gold price to rise

    So gold (and neither silver, for that matter), will represent the debasement of paper currencies. The reason is that the banks also have a paper metal market that they can expand however they like.

    You were misled by the gold and silver pimps, who themselves just want to sell metal or charge storage fees. Holding physical metal gets you nowhere. Even the miners recognize this. Despite low investment and low share prices, they just produce and produce and keep on selling into the market. Why would they change anything? They don’t need a higher price, they just need a spread between the cost of production and the spot price.

    Guys, you are being misled by srsrocco, fofoa, silverdoctors, kingworldnews and others like them. I am not misleading you, I am telling you the truth even if you don’t like it. Gold and silver will not rise in dollar terms.

    • Another story Dolph.

      My grandfather, we going back to the mid to early 20th century saved gold sovereigns, one might even say hoarded. My father had a business venture turn sour which nearly sent him broke. This was prior to 1971. What saved him from going broke was “THE VALUE OF THE GOLD SOVEREIGNS” at that time.

      Having said that Dolph, and just like you, most of my friends keep depositing their money in the banks. That is their choice BUT it is an uniformed choice because they didn’t understand the gold standard when it existed and they don’t understand it now.

    • Your arguments are only fallacies, both miners and retailers have to keep selling even if the prices are manipulated down. They have no other choice, if they stop they go bankrupt. That´s part of the bankers game, they manipulate the price so the miners have to borrow from them to keep alive. Then they have to service the debt which forces them to keep pumping as hard as they can.
      Why do you come to this PM site and also Silverdoctors to tell this lies every day. You say you want to protect us from our bad financial decisions. I would have to be as stupid as you to believe that shit. Why would you care about others to the point of making your comments a job in itself. No, you are actually deceiving people and there is only one explanation to that, you are paid by the manipulators or their allies to disinform and keep people away from real money at the same time as fiat is being burned to ashes through the exponential function which is the trend both of debt and currency issued. Why both debt and currency follow the same trend? (I am not educating you, that is impossible) because currency is based on debt. One cannot exist without the other in this fraudulent satanical “system”. It´s not even a system, it is plane robbery from future generations.

      • Paco,

        I stopped replying to a small group of individuals in here as they say the same thing over and over again and don’t really add any intellectual debate. When someone disagrees with me and provides some data, information or offers an intellectual rebuttal, I enjoy those comments. However, when someone comes in here and says I am WRONG over and over again… there is no use for me to waste time on these individuals as they are behaving more like SPAM.


        • Steve, congratulations on market timing in case of cryptocurrencies and Dow Jones. But we are interested in PMs breakout. One analyst from a well know site devoted to markets claims that the breakout is close. It can even start in march. What is your opinion?

    • Dolph,

      Seriously, are you an idiot or just a jerk? You do a tremendous disservice to any one that reads and believes your drivel. Steve has never offered to sell precious metals nor their storage. He has only ever attempted to bring to the light the importance and relationship of energy and precious metals.

      As for your assertions that “Gold and silver will not rise in dollar terms.” that is blatantly bullshit and hence the question above. For as long as I can remember, the US government has been trashing our dollar. When I was mowing lawns as a kid gasoline was 19.9¢/gal, cigarettes were 25¢ and you could buy a decent candy bar for 5¢. If you have read any history or current news you should know what happened to the Deutsche Mark under the Wiemar Republic, the Zimbabwe Dollar, or the Venezuelan Bolívar. ALL fiat currencies crash and burn because of greedy bankers and politicians. The US dollar is rapidly approaching it’s demise with the out of control spending on wars and welfare. I GUARANTEE you and everyone else that the dollar will be devalued and replaced within the next 10 years. It is then the these true stores of value, gold and silver, will come into their own. Just ask any Venezuelan where they wished they had put their money. And ask yourself why JP Morgan owns MILLIONS of ounces of silver.

      This gift of being able to buy at cost will not last forever so take the best advantage of that you can.

    • knowshitsurelock | March 10, 2018 at 1:51 am |

      I know you, you were in that book, the Three Billy Goats Gruff

  7. One question is what will happen to silver when Mexico’s economy starts to crack from declining oil revenue ? They produce 20 % of the global silver supply and may decide to keep it. If that occurs then the price will have to rise.

  8. Andro Meda | March 9, 2018 at 6:36 pm |

    My question to all of you. When is the manipulation of the Bank Cartels going to end? They keep on suppressing gold and silver using paper derivatives. And why doesn’t our government do anything about it? Are they corrupt and collude as well. Dear Steve, please write an article on manipulation on how the Bank Cartels and the US Government are colluding and sticking it to its citizens. I am sure you will get plenty of hits on your website!

    • DisappearingCulture | March 10, 2018 at 7:38 am |

      “Dear Steve, please write an article on manipulation on how the Bank Cartels and the US Government are colluding…..”

      There is plenty of that documentation out there already. You can start with

    • It will end when payment in dollars is rejected and gold demanded. Probably won’t be a lemming us citizen but a country to country trade.

  9. Anthony Guarino | March 9, 2018 at 6:39 pm |

    The greater question is When will the manipulation stop not when will gold go up??

  10. Andro Meda | March 9, 2018 at 8:32 pm |

    JP Morgan and the Silver Users depress the price of Silver. Why? How do they benefit and when is this manipulation going to end? Steve, this could be another great topic of discussion for your readers.

    • A M & A. G.

      The manipulation will not stop until the dollar fails because the supposed regulators turn a bling eye too it, just like the anti trust regulators ignore the predatory practices of Amazon.

      Why do they do it? Because it is a money pump, as direct result of the whole paper metals scheme, and they make millions of dollars doing it. They sell massive shorts when the price starts to climb and because there is no limit to the amount of paper metals, they can push the market down and easily cover their shorts and have made money on the drop. JP Morgan has a massive stock pile of silver so that if they ever get caught on a massive sell that doesn’t push down the market they can cover their sale out of inventory. Note they try to never push the price of precious metals below the costs of production because if the do and it forces the closure of a significant number of mines they will loose control and not be able to make the easy money. It is the perfect, government sanctioned con – a great grift.

      So take advantage of the grift and buy as much silver as you can before the system freezes up.

    • I find it hard to believe. How did the silver price go from $5 to $50 if they are any good at depressing it?

      • DisappearingCulture | March 10, 2018 at 7:45 am |

        The era of really sophisticated manipulation [the rise in the software technology to make it possible] was developed after the Bear Sterns collapse/JPM takeover, and used to crush the prices in 2011. After they got that under control it has been that way since then; managed in a tight range.

        • I work in IT and there were no big breakthroughs recently. Not to mention the crap systems JP Morgan has. Their software is still in the stone age. They wouldn’t be able to manipulate the price of milk even if they were the only producers.

  11. Whether a gold bar is in NY, London or Hong Kong makes a difference only if there is government confiscation. Until then what really matters is who owns it. Would be good to see some stats about that in future posts. Though I’m pretty sure the holdings by the American public are near zero.

  12. Wheres the proof that jp morgan has vast quatities of physical silver?

    • DisappearingCulture | March 10, 2018 at 10:25 am |

      There is some pretty good proof [ I don’t have time to go into it] they have a lot of silver, but no proof they have anywhere near what a few say they have.

      • Hey Rob, you need PROOF?

        It’s funny how no one asks for “proof” from CNN, ABC, CBS etc. But when someone on the outside tries to bring in the light, they are asked for “proof”.

        Do you need proof that one of the most powerful organizations on planet Earth for the last 125 years doesn’t have hundreds of millions of ounces of silver squirreled away somewhere?

        Hell, they OWN WHOLE COUNTRIES! What planet are you on?

        Get real!

  13. Dollar Debasement will come via arbitrage, 2c cost dollar assets have long wway to fall against under valued assets.

  14. Steve,

    It might sound crazy but I am very convinced that the media and education plays a vital roll in why most ppl in the west neglect entirely the role of gold in the monetary system. If we in the west had the same mind set as in the far east we would be hoarding like them and gold would be on every one,s mind and discussion,s on daily base. The mass propaganda has done its very effective work namely to distract the majority of the population from the real money which is gold and now most believe fiat money is real money! What a con game Mr Ponzi would be very proud of the great work of the bankers & co.

    • Pieter, it doesn’t sound crazy. Brainwashing is the way to keep people blindfolded.

    • Pieter,

      I agree that the educational system and media destroyed the ability for Americans to understand the vital role of the precious metals. However, technology has also destroyed the ability for younger Americans to think and solve problems that created the very leaders who run the majority of businesses today. Thus, the entire system will collapse because technology will no longer function in a PEAK EROI ENERGY environment.


    • When was it better? Look at all the FDR voters in the 1930s, support for wars through the 20th century that were much worse than Iraq/Afghanistan. It was the same propaganda back then.

  15. Hi Steve,

    Off topic, but was wondering if you heard about the recent study that was published by a particle physicist, Michael Dittmar, from the Institute of Particle Physics in Zurich, Switzerland. It’s a very sobering piece. Basically he is saying that by 2020 we will most likely see peak energy manifest it’s face. He is basically saying that many of the governments reporting on the oil reserve numbers are out right lying as it doesn’t match with the raw data. The piece contains quantitative predictions of the maximum possible region-by-region oil consumption during the next 20 years. He says:

    “The predictions indicate that several of the larger oil consuming and importing countries and regions will be confronted with the economic consequences of the onset of the world’s final oil supply crisis as early as 2020. In particular, during the next few years a reduction of the average per capita oil consumption of about 5%/year is predicted for most OECD countries in Western Europe, and slightly smaller reductions, about 2-3%/year, is predicted for all other oil importing countries and regions. The consequences of the predicted oil supply crisis are thoroughly at odds with business-as-usual, never-ending global-growth predictions of oil production and consumption.”

    You can read it here:

    The Energy Skeptic also did a review on it:

    • stephen,

      I totally agree with Dittmar’s assessment. Furthermore, the U.S. Shale Oil Industry is going to experience an ENRON event within the next 6 months-2 years. When this occurs, it will likely take down a large percentage of the U.S. Shale Oil Industry. Americans have no clue just how close we are to the ENERGY SENECA CLIFF.

      I get a laugh from reading the GADFLIES in here that say PEAK OIL or the EROI never occurred and aren’t problems. When the ENERGY SENECA CLIFF hits the United States, the suburban economy will collapse forever. What it looks like and how it collapses is anyone’s guess…. but it won’t be pretty.


    • I read Dittmar’s article and the review.

      Steve’s right. Very well written, concise, and un-biased. Dittmar really drove home what I already knew. We are in big trouble folks. Please read the article.

      As the Bisonprepper says in his writings, the end of oil was baked in the cake 50 years ago. Despite the sunny vision of the world sold by the media, most national economies have gone nowhere over the past 25-30 years because they can’t significantly increase their oil consumption, and … it’s all down hill from here.

      Stack “stored energy” while you can.

  16. Chris in Arkansas | March 10, 2018 at 12:21 pm |

    Steve – there is one question I think about often regarding PM exports. Is some of it being transformed to new products for the retail market and then imported back into the US and other countries as a premium bullion product or jewelry? I don’t know how to find this data or if it even exists. I’ve looked and can’t seem to find anything about the actual gold weight imported back as transformed products. Bottom line, is it possible that this isn’t all about vault stored bullion and it’s required for transformation to other products which are then sold back into world wide retail products?

  17. Steve, what do you feel about a vast unproduced reserve in Alaska? If it does exist I wonder its EROI.

  18. Muhammad Aidid | March 11, 2018 at 12:48 am |

    Net e = 2430
    Net i = -325
    balance = 2105 tonnes
    2001 to 2017 how much being mined?
    Let’s take 210 to 225 annually
    17 years equals
    Minimum 210 x 17 = 3570
    Net e minus net i = 2105
    Still within the border of USA
    = 3,570−2,105
    = 1465 tonnes
    Nope , it’s not a deficit , it’s a surplus.
    Seems there’s no need to take even an ounce of gold from the fed’s or fort knox vaults.
    And steve makes it a non story.

    • Muhammad Aidid,

      Maybe you might want to read ALL THE COMMENTS before replying. First, the 2,430 mt of Net-Gold Exports included the imports. Second, you forgot to include USA GOLD DEMAND. Americans bought a lot of Gold Jewelry, especially from 2001-2007.

      So, your figures are totally inaccurate.


Comments are closed.