IMPORTANT GOLD CHART: Every Investor In The West Needs To See

The Western powers are in serious trouble.  The once great British Anglo-American Empire, the envy of the world, now resembles more of a phony Hollywood Set backed by a mountain of worthless derivatives and debt.  The only thing holding up the Western Financial Empire’s House of Cards is faith that market will continue to believe increasing debt and monetary printing are practical solutions for long-term prosperity.

I imagine there is a limit to the level of INSANITY these markets can reach.  Here is one chart that perfectly describes how this insanity has impacted investors in the top Western countries:

Australian US & Canaidan Gold Production vs Gold Exports 2014

According to the data put out by the official sources from Australia, Canada and the United States, these three countries had combined gold production of 642 metric tons (mt) in 2014.  Australia was the number one producer at 275 mt (Australia Resources & Energy Quarterly Report – March 2014), the United States came in second (USGS estimate), and Canada placed last at 152 mt (Natural Resources Canada Monthly Production Statistics 2014).

If we look at the bar on the right side of the chart, these three countries exported an estimated 1,057 mt of gold, or 415 mt more than they produced.  This is an amazing amount of gold exports when we consider China and Russia hold onto the majority of their domestic gold production.

The data for Australia’s total gold exports of 287 mt in 2014 comes from the Australian Resources & Energy Quarterly Report, but the figures for the United States and Canada were my estimates based on data I received from the USGS and GFMS 2014 Gold Survey.

The Western Powers have been so successful at brainwashing their citizens into believing PAPER ASSETS are wealth, GOLD the HIGHEST QUALITY store of value, is exported overseas.  Makes perfect sense… aye?

The chart above doesn’t include gold imports into these three countries.  I estimate that total gold imports into Australia, Canada and the United States will be in the neighborhood of 585 mt in 2014.  This would give us a surplus of 170 mt of gold (642 mt supply + 585 mt imports = 1,227 mt total – 1,057 exports = 170 mt).

The World Gold Council stated that total U.S. Gold consumption in 2014 was 179 mt (132 mt of jewelry and 47 mt of physical investment).  So, here we can see that the United States consumed more than the total 170 mt gold surplus from these three countries.

Yes, I realize this doesn’t include gold recycling into the equation, but it is quite alarming to see the top three Western gold producers exporting more gold than they produce and 70% of their total gold imports.

When the U.S. Dollar and Treasury Market finally collapse, Western investors will be the last to know just how silly it was to export all that HIGH QUALITY GOLD overseas.

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27 Comments on "IMPORTANT GOLD CHART: Every Investor In The West Needs To See"

  1. Reduced supply and increased demand should result in higher prices. I know it is complicated but when will the physical market overwhelm the paper gold/silver market: 1, 5, 10, 20, 50 or 100 years?

    • Once all the gold is sucked dry out of the west.. then the prices will reset to where they should be.

  2. My wife keeps telling me that I may be right, but will it be in our lifetime?

    • LOL! Exactly Bob… what’s the point of being rich 50 years after you’re dead? (descendants will be happy, though…)

      • I’m happy to be proven right, when dead, and my little ones have a good life then. Mission accomplished as far as I’m concerned.

  3. Has our government been overtaken by communist and Washington actually waging war against it’s own citizens so it can remain all powerful and not be for “We the People”?

  4. This has been happening for more than 15 years. GATA obviously believes excess gold is the result of gold leases, and hence the reason every major central bank changed “gold” on their balance sheets to a single line item called “gold and gold receivables”. Oh how exciting it would be to see an audit that brokers these out into two line items! But that is not likely to happen.

    The other possibility is that the data is double counting at some point. Double counting is al out impossible to avoid entirely. The real question: is enough gold being double counted to account for this apparent flight of gold from west to east. I doubt it.

    Mike

  5. Prob a few years …

  6. Great interview Steve. Thanks.

    • sorry, I meant that comment for the last article.

      • ryan,

        I understood what you meant. Glad you found some of the information in the interview interesting. It puzzles me to no end to see people still falling for the ABIOTIC OIL THEORY or believing in CRAPPY CONSPIRACIES. All one has to do is understand 4th grade math to realize Abiotic Oil is a NON ISSUE.

        steve

  7. Steve-I went to USAwatchdog and listened to the interview of Bix Weir and he was talking about Chocolate Mountain and other GOLD producing area’s that are now US Military bases. He mentioned Chocolate Mountain like it’s the MOST gold in the world..I can’t help thinking here that the government has a income stream from this venture. Bix discusses other Gold mines as well…

    • Ken,

      I watched that interview as well. I have to say, while Bix understands the value of investing in precious metals, some of his theories are quite absurd. I may be writing an article on this very subject. All I can say right now is that Bix is profoundly wrong about his assumptions of UNTAPPED OIL, GOLD RESERVES & HIDDEN GOLD BULLION.

      steve

      • When someone like Bix is saying “fantastic” things no one else is saying [reminds me of Jim Willie], either they are a prophet with a divine source of knowledge or outright wrong. And wrong may be an overly polite description of the information being put out there by a few internet communicators.

        • Bid Weir is entertaining and perhaps a beautiful mind. I have to agree with Steve and look forward to reading Steve’s take on some of Bix’s theories.

          Jim Willie though is a whole different story. Consistently correct and far enough ahead to make him a lone voice, often. Jim connects some fairly scattered geopolitical dots. Takes intellect and balls.

          • I can read what he writes but I can’t listen to him. It takes him forever to make his point. There are no brief interviews with him, and his intonation/communication style I don’t care for.

      • Bix’s recent interview with Greg Hunter was a disaster. The Chocolate Mountain story is just BS. He claims more gold is in that one location than all the above ground gold in the world. No evidence to back it up. Just stories. Good gold price suppression stories I’d say. 🙂

        But I love Bix otherwise. He has good theories regarding Greenspan.

        Mike

  8. the western financial empire will devise other ways and means to keep gold & PM coins/bars out of favor and basically undervalued….
    metal coin or bars are detectable more so than the paper notes… metal detectors as ubiquitous as cell-phone towers may make portable PMs as wanted as much as Ebola and subject to either confiscation or strong armed robbery by (outside-the-law) bounty hunters with personal sized metal detectors seeking those preppers with portable forms of PMs

    • I don’t think that is a very plausible scenario.

      The ultra-strong-arm tactics by thugs; government or private? They’ll be metal detecting the firearms pointed their way too.

  9. Hey Steve, great stuff! Do we know yet how much gold the UK exported in 2014? Keep up the great work.
    -WW

  10. R. Stephen Dorsey | March 23, 2015 at 7:13 pm |

    Dear Mr. St. Angelo,
    I was comforted by your response about Bix Weir’s interview today. IN ADDITION to those obvious weaknesses, another comment he made just floored me and I wrote him about it:
    Dear Bix,
    I have read your columns for a couple of years now and recently heard your interview on USA Watchdog. It is to that interview that I make my comments.

    You commented that our financial edifice is going to have to be destroyed before a comeback can be made – in which we rebuild our factories, become productive again, etc. I’m afraid you’re serious but I’m equally sure you haven’t given that much thought. When we default as a nation, stiffing much of the world and especially the stronger nations, and go through the paroxysms of currency failure, governmental failure, exercise of the currently-existing police state, failure of the massive welfare mechanisms (e.g. EBT, disability payments), our society, especially in the urban areas is going to melt down. That means it will destroy itself, loot itself and rampage until a lot of our necessary infrastructure is destroyed or deteriorates due to lack of maintenance. THEN it is going to be obvious that the generations of poor schooling and poor moral values are not going to be a proper basis for anything like a national recovery to the standards of even the 1940s.

    Bix, I’m 75 years old, a historian and author and former army officer. I’ve started several successful businesses and retired relatively wealthy. I have seen first hand what a society that guts itself has to overcome – and we don’t have the education nor will nor will we have the resources (as an international pariah) to make the bounce back that you blithely assured the host of USA Watchdog was a slam dunk. I think you need to reevaluate your forecast of our likely future and could start by reading some of the writings of Dmitry Orlov and James Kunstler.

    Best Regards,
    R. Stephen Dorsey

    • Stephen Dorsey,

      Thanks for your comment and I have to say… you are SPOT ON. I am simply amazed at the complete lack of common sense and logic when it comes to believing these lousy conspiracies-theories. The Abiotic oil Theory totally disintegrates when we look at the falling EROI of oil. However, it seems as if many individuals today rather believe in unfounded conspiracies-theories rather than use 4th grade math to set the record straight.

      steve

  11. Central banks play a numbers game. And the numbers don’t add up, the metals will hold value and the fiat currencies won’t. It ain’t rocket science. Stack ’em and stack ’em high.

  12. It’s not only the physical gold (real wealth) that’s moving east but price discovery (for the price of gold) is also moving away from the “paper meisters” in London & New York, much to their dismay, I would imagine. You won’t be seeing the COMEX smash & grab games any longer as well the stability in the daily price of gold should also calm down some. Anything that PRIES or RIPS the price setting mechanism from the paper pusher criminals on Wall Street or London IS a good thing.

  13. Hi Steve,

    Thanks for a most interesting article.

    From whom do you think the US imports its gold? Would Mexico be one of the likely sources of gold?

    • Michael,

      Here was the breakdown of the top 5 U.S. gold imports in 2012:

      1) Mexico = 124 mt
      2) Columbia = 61 mt
      3) Canada = 47 mt
      4) Peru = 30 mt
      5) Bolivia = 13 mt

      As we can see, most of U.S. gold imports are from Mexico & South America.

      steve

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