U.S. Exports A Record Amount Of Gold To Hong Kong In January

The figures are out and it looks like the United States exported a record amount of gold to Hong Kong in January.  Not only was this a one month record… it was a WHOPPER indeed.

Last year, the U.S. exported a total of 215 metric tons of gold bullion to Hong Kong.  This was not the total amount of gold exported to Hong Kong as some smaller quantities of Dore’ and precipitates made their way into the country as well.

However, Hong Kong received more gold than any other country… Switzerland came in second at 150 metric tons.  The table below shows the breakdown in U.S. Gold Bullion exports in 2013:

Total U.S. Gold Bullion Exports Jan-Dec 2013

Here we can see that the highest month of gold bullion exports to Hong Kong was August at 30.7 metric tons (mt)… let’s just say an even 31 mt.  According to the data just released by the USGS, the United States exported a stunning 57 mt of gold bullion to Hong Kong in January.

U.S. Gold Bullion Exports to Hong Kong

Not only is this 3 times more gold exported than January, 2013 (17 mt), it was 84% more gold than the record month set in August (31 mt).  As we can see, gold bullion is fleeing the U.S. and heading to the East.  Again.. that 57 mt figure is just gold bullion.

Furthermore, total gold exports in January nearly surpassed the total hit in March of last year.  Total U.S. gold exports in March, 2013 were 80.8 mt compared to 80.7 mt in January of this year.

This is where the majority of the remaining gold was exported in January:

Gold Bullion:

Australia 3.1 mt, Thailand 2 mt, Switzerland 1.5 mt & Singapore 1.0 mt

Dore’ & precipitates:

Switzerland 10.6 mt, India 2.7 mt & United Arab Emirates 1.4 mt

As the West continues to play games with Monopoly money and Derivatives manufacturing, the East accumulates as much gold as it possibly can.  While Main Stream Media and its Banker cohorts release bearish $1,050 price targets for gold, the Asians and Indians smile as they build the largest amount of gold stocks in the world.

I get a real kick at the degree of negative sentiment coming from many gold and silver investors.  Who said this was going to be easy?  It’s simply amazing to watch a DIEHARD gold or silver bug become bearish and downright nasty now that times are tough.

However, this is exactly what the Fiat Monetary Authorities had in mind.  Unfortunately, many have fallen for their plan… HOOK, LINE & SINKER.

GOD HATH A SENSE OF HUMOR.

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20 Comments on "U.S. Exports A Record Amount Of Gold To Hong Kong In January"

  1. This diehard gold and silver bug is getting cranky because I want to spend my money on something else, but I just can’t because prices are too low. So I just keep buying- to stop at these prices is impossible for me.

  2. Hey Steve thats some timely info great job…Just for reference purposes if you have the data (pretty sure you do) what is U.S. Gold production per year. Mainly for the folks I will forward this to.

    • Kansas Crude,

      The United States produced 228 metric tons (mt) of gold in 2013. January, they produced 20.5 mt.

      So for January 2014… U.S. total gold imports were 24.7 mt, mine supply was 20.5 mt for a total of 45.2 mt. The U.S. exported a total of 80.7 mt of gold, which leaves a net deficit for January of 35.5 mt. This does not include any recycling supply.

      steve

  3. Just a WAG but how much of that gold we sent to Switzerland went on to Hong Kong/China bet at least 80% so that what now around 350 metric tons of U.S. Gold that got gobbled up by the Chinese…..incredible

  4. What is/are “dore’ and precipitates?

  5. Holy hole in a balance sheet Batman. Something doesn’t make sense here – Australia is one of the biggest producers of gold, right. Then how come it’s importing gold from the US? Surely this isn’t just refiner / fabricator demand (e.g., Perth Mint)?

  6. we have to do one thing and one thing only,believe in what we are doing. buy now or regret later.
    lakemike

  7. For over a year now, the new normal in the precious metals media is to take this fact:
    gold is flowing from west to east, as the Chinese and other Asian countries buy large quantities of it…

    and then embellish it with a series of suppositions which lead to THIS NEW MEME –
    China is buying a lot of gold. The demand for gold in China will strain the supply of gold. Therefore, increased demand for gold in China will raise .the price of gold in the west. BUY NOW BEFORE IT’S ALL GONE!

    Here is a good example of the standard method of presenting this train of thought, via Keith Barron on KWN today:

    “What is going to cause this massive spike, among other things, is a lack of gold. I think what is first going to happen is that it will be very difficult to get hold of physical metal. Last year the Chinese purchased almost the entire annual global gold production, and that is just one country. And the Chinese are continuing to purchase at that massive rate…the coffers in the West have been severely depleted. So when people around the world finally realize their is a lack of available physical gold, the upside move promises to be historic.”

    The argument is compelling. Until stripped down into its component pieces. Which, when examined, proves to be a fallacy of association, because it requires certain socio-political realities to be ignored, and others to be turned on their heads. Might be time to stop looking at the lipstick, and get a gander at the sows ear peeking out from under that cute bonnet!

    Let’s suppose for a minute, that the obvious obstacle to price discovery which the paper market represents is somehow stripped away, and we are able to imagine a simple supply and demand dynamic has returned to the gold market. The Chinese and associated trading bloc hold the great majority of the worlds’ supply. The western countries have negligible amounts left according to the narrative. One likely consequence of this will be that the price of gold will no longer be determined in London or New York. And in any international trade agreements underwritten with backing of gold, the rules will be set by the majority holders, to the prejudice of the minor ones.

    To have a gold-backed international trade system, we have to have a value given to gold so as to perform it’s role. For sake of argument let’s take one of the more common numbers batted around, by the freegold adherents in this case – $55,000 oz. That would make private holders of gold in the west rich beyond their wildest imaginings, would it not?

    No, not if the debt-laden governments of the western world have pursued their strategies for sequestering all available savings of their constituents to their logical ends!

    OOPS. The one vital caveat which is by design and necessity left out of every argument in favor of the meme – only by doing so can the consensus of opinion be driven towards acceptance of the logical fallacies it is built upon. And driven it will be… if the shrill voices of the sheep herders have their way!

    It’s time to revisit the assumptions built into that argument – minus the current embargo on deductive reasoning. With which tool, one can dispassionately review the progress kleptocratic cliques in control of ALL western countries have made towards removing the property protections of law and tradition. Protections which are a necessary pre-condition to the ability of precious metals holders(in the west)to accrue any advantage from their investment. Failure to assess the risks which these cliques have built/are building into any strategy of resistance puts the lives and liberties of western investors into great peril.

    Discussion of this set of risks – and the motives which lurk behind the cacophony of voices here and elsewhere who demand that they be ignored – would be of great benefit to those of us looking for rational and informed methods of making the decisions necessary to keep themselves and their loved ones out of harms way. Ad homs, straw men, and hostile personal attacks are not a necessary or legitimate part of any such discussion.

    Are we ready yet?

    • Rogue,

      “It’s time to revisit the assumptions built into that argument – minus the current embargo on deductive reasoning. With which tool, one can dispassionately review the progress kleptocratic cliques in control of ALL western countries have made towards removing the property protections of law and tradition. Protections which are a necessary pre-condition to the ability of precious metals holders(in the west)to accrue any advantage from their investment. Failure to assess the risks which these cliques have built/are building into any strategy of resistance puts the lives and liberties of western investors into great peril.”

      Some good points. I don’t think kleptocrats can prevent personal acquisitions of gold & silver from being one of the best stores of value. They certainly could try to regulate the sale or use of gold and silver in a currency crisis. If they do there will be an underground or black market.

      Do you think there are better assets “to those of us looking for rational and informed methods of making the decisions necessary to keep themselves and their loved ones out of harms way?” This is not a flippant question; I’m always open to ideas I haven’t heard of or though of.

      Thanks for your thoughts.

      • David,

        “I don’t think kleptocrats can prevent personal acquisitions of gold & silver from being one of the best stores of value”…

        as a statement in and of itself, that is certainly true. Gold(and possibly silver as well) is and will continue to be a superior “store of value” – for those lucky or wise enough to be living in locales where the possession of private assets continues to be permitted.

        And as the days grind along towards the final ‘end game’ which we all seem to recognize to be incipient… it behooves the holders of pms to evaluate with great precision WHERE those locales are likely to exist – once the music stops, and the deck chairs have been re-arranged for the final time.

        As I point out below to the other respondent, I make no claim to knowing anything that can accurately delineate where things are likely to end up at that time. Anyone who does, I suspect, should be regarded with a great measure of skepticism. The track record of western analysts in predicting prices and trends for the metals have been simply atrocious for the past several years. And anybody who has bucked the trend in their predictions… in other words… got it more or less right! – has been vilified and cast out of the community as heretics.

        This is a very sad state of affairs, since we are dealing with the savings – the futures even – of people who are trying to make themselves informed of what their situation…and their options, really are. Notice that nobody, amongst those whose style it is to incessantly call for a rise in metals prices, ever, ever apologizes to the people who bought their call and are standing on the edge of ruination right about now. Caveat emptor!

        Are there better assets to be placed in right now than gold/silver? If there are, I am not aware of them. Although, in retrospect… staying in cash throughout 2011-14 would have netted me a far better position right now from which to accumulate them! Who knew??? On the one hand…many people who bought with both hands when the metals where shining are so far underwater right now that not a few of them have simply let go the line…. and sunk into the depths of ruin and despair. How seldom we get to hear there voices. But they are out there. Too many.

        OTOH… it remains true…” when the music stops- it’s gone forever”[quote: Eric Dolphy-multi instrumentalist and master musician of 60s fame] You have to have the gold to own the gold. You cannot buy in when the party is over. So those of us who saddled up and rode out of Dodge in time…are likely to be the only ones still on the loose after the BUREAU OF LAND N LABOR MANAGEMENT/DHS/HLS/FBI/NSA/CIA/ATF have completed the work of rounding up those lucky enough to be considered for slave duty instead of a ride in a specially constructed Grumman built MADE IN AMERIKA railcar with special ‘limb supports’ provided.

        I’d love to see this discussion move on to the point where we can dig into the specifics of a black market underground and all the rest of what constitutes the last/best hopes of those who still live in the western lands and hold the shiny stuff. I can make a contribution to that debate from the perspective of someone who decided to simply leave, whist leaving was still an option.

        Seen from outside the prison zone which the western world has become/is becoming daily, that window of opportunity to get yourself and your assets out in one piece is getting narrower by the day. June is FATCA time. Folks deserve to know what that means. And if you live o’er home, as we colonials used to call the mothership…

        BOOGEYMAN is in some ways even more advanced in his plans to strip your last protections and pretensions to ‘citizenship’… facial recognition cameras??? Predictive programming? Pre-crime profiling.??? Holders of gold n silver may not realize it quite yet… you are already ‘DOMESTIC TERRORISTS’ in the data banks.

        Ok… dat’s enuff o that! I like to keep a nice mix of over the top JimWillie type struttin wit barbecue style commentary like the above, with a more dry and reasoned approach which alludes less to the scary elements of our moment in time – as I employ in my other response below here. Take your pick! It’s all good for me…and all grist for the mill!

        For four long years I’ve tried to bring to the attention of the denizens of my former homelands some of the perils which appear obvious to one when standing outside looking back in… to be stymied in the attempt at every turn by gatekeepers who wish the inmates to keep from recognizing the construction work proceeding in front of their eyes… of an ever greater wall with which the powerz are getting set for the main event.

        If there is one thing that I believe needs emphasis above all others, it’s that Americans… in a certain sense ALL westerners are AMERIKANS now… are no longer in charge of their own fates… that has slipped into the hands of other players, in other parts of the world, after a long interlude of the west being master of it’s own destiny. Adjustment to that new reality is the most important… and least desired aspect of what a discussion of the future of gold n silver in the west requires.

        I like cattle drives… but only when I’m on the horse, doin the drivin… not on hoof gettin pushed along… Hope we can continue to discuss what the difference means here…Gold is not much use to a steer on the way to the slaughter house!

    • If I may summarize : accumulating gold/silver may not help westerners (let’s say US to keep it simple) because they have kleptocratic governments. Investors would do well to consider this factor, if they want to navigate the tough times ahead. Did I get that right, RF? If so, I’ve heard plenty of consideration of this topic by ‘bugs’.

      And your ideas for solutions to this challenge?

      • @GJH – I’ve heard plenty of consideration of this topic by ‘bugs’.
        yes, your reprise of my talking points is accurate. And if those talking points remain contextualized inside of a framework which accepts the basic premise that gold/silver MUST GO UP IN VALUE because[your favorite explanation goes here….], then, as you say, the territory has indeed been covered in depth.

        However..
        you will have also noticed that the first part of my comment dealt with stripping away that basic premise in favor of a starting point which precludes any assumptions about what MUST happen; according to “fundamentals” – economic laws – history – gold gurus – or mathematical formulas discovered by obscure Russian scientists etc etc…

        I realize that this is rather hard for those of us heavily invested in the metals to do; we would much rather seek out the positive reinforcement of predictions which encourage us in the wisdom of our choices – especially a moments of low tide such as the present! That said… in the same way that I prefer not to drive at high speeds with my eyes shut, I prefer not to stay blinkered to all the realities which have an impact on my financial decisions. It seems just as unsafe.

        So as a first step to allowing full spectrum information gathering to replace wish n hope as an investment strategy… I am suggesting that the conversation begin from that point of departure where ALL possibilities are on the table, and no one gets to mandate that THIS OR THAT has to happen, or conversely cannot happen.

        Then we can proceed to examining all the available evidence with the dispassionate enthusiasm of the empiricist bent upon discovering ‘the nature of things’ rather than the hack scientist attempting to re-engineer attempting to rig data to suit the prejudice of their starting thesis. This ‘recontextualizes’ the debate fundamentally, as it cuts the legs up from under the pumpers, the fanatics, the single narrative shills, and all parties with an interest in limiting that debate to their chosen outcome. Result… same territory… new tools of exploration = better chance of locating choice deposits of truth!

        I’m not sure whether that better explains the purpose of my comment – if it does not, I don’t have another rabbit to pull out of the hat right now. As for solutions… I can guarantee I have no crystal ball, nor ‘secret contacts’ in high places, advanced training in any branch of science or pretension to any financial wisdom beyond the norm. However, I AM happily possessed of an inquiring mind – which – placed in conjunction with the brain power of others of equal curiosity, intent upon protecting their wealth…

        should go far to finding the “solutions to the challenge” which elude the orthodox thinker. Coming at precious metals from an “EROI” perspective is a step towards that goal… a collegium of original thinkers empowered by their mutual commitment to seek out and go beyond the boundaries imposed by habit and static positions.

        END OF TRANSMISSION!

  8. If the price drops to $1050.00 I bet there will be no ounces available. If I was a gold dealer I would not sell one ounce, heck I would buy from myself..LOL!!! I remember when I made my first purchase in 2008 and the price had fallen to around 750.00 I did not know nothing about what I was doing. I could not find any silver for 8-9 dollars. The delivery time was also 14-16 weeks. I was like no one is going to hold my thousands of dollars that long without giving me my product. So this time around when the stockpiles are extremely lower, the m-asses will not find anything around the paper price. The price in paper may go lower, but our stacks should be going higher.

    P.S Thanks again Steve!

  9. What if the real reason for low gold and silver prices is that visitors from other planets or dimensions are trading with governments in exchange for computers, etc?

  10. I’m sure the Germans can also read English, they should be on the phone to NY: Hey, how about a few tons of our own freaking gold?

    • They tried but I quests we were already contracted to sell it to china
      I love your statement
      It’s crazy Germany can’t get there gold for 5 years but china can buy tons wth!!!!

  11. Surely we must be getting close to the long awaited melt up in gold and silver , I mean this information is in the public domain for f&*%ks sake, another great article Steve, adding to your guru status!

  12. Off topic but, Roguefaction, where did you move to ?

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