U.S. Exports More Gold To Hong Kong Than It Produces From Its Mines

In the first four months of the year, the U.S. exported more gold to Hong Kong than it produced from its domestic mining industry.  Actually, gold shipments to Hong Kong were 29% higher than total mine supply from Jan-Apr.  That’s a pretty big deal when we consider U.S. gold production ranks third in the world.

In order to cut costs, many gold producers resorted to “high-grading” their mines.  This has a benefit of increased profit margins at the expense of lower production.  If we look at the chart below, we can see that U.S. gold production declined 5% in the first four months of the year from 72.7 metric tons (mt) in 2013, to 69.1 mt this year.

U.S. Domestic Gold Mine Supply JAN-APR 2014

Year to date production declined the most in percentage terms from Alaska at 9%, followed by Nevada at 5% and the other states at 2.5%.  Even though Alaska stated the highest percentage decline, Nevada suffered the largest drop in overall production.

Nevada’s gold production fell 2.5 mt from 53.3 mt Jan-Apr 2013, to 50.8 mt this year.  Total U.S. gold production declined 3.6 mt during the first four months of the year.

Compare that to the total U.S. gold exports to Hong Kong.  From Jan-Apr, the U.S. exported 89.5 mt of gold to Hong Kong and 56.2 mt to Switzerland:

Total U.S. Gold Exports JAN-APR 2014

Even though total U.S. gold exports are down 35% compared to last year (due to the orchestrated take-down), shipments to Hong Kong are up 27% or 20 mt compared to the same period last year.

Furthermore, the U.S. exported 20.4 mt more gold to Hong Kong (89.5 mt) than its domestic mine supply of 69.1 mt.

The next table details the break-down in U.S. gold exports:

Total U.S. Gold Exports TABLE JAN-APR 2014

Here we can see that Hong Kong received more U.S. gold than Switzerland in three of the four months.  The United Kingdom came in at third with a total of 11.2 mt, followed by the U.A.E – 6.2 mt, Australia and India at 6.2 mt, Thailand at 4 mt, and other countries with a total of 5.9 mt.

Again, even though overall U.S. gold shipments are down 35% compared to the same period last year, exports are still quite strong.  I would imagine as the global financial markets continue to disintegrate, we will see and increase in these gold exports.

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22 Comments on "U.S. Exports More Gold To Hong Kong Than It Produces From Its Mines"

  1. Well, the US has a choice. Either give all the gold to the rightful owners (Germany et al) or give it to who has you by the balls (China). It’s pretty obvious which they’re doing…

  2. The ‘east’ will buy the last drops of ‘cheap’ fossil energy with that gold. To exchange goods for ever depreciating dollars is one thing, oil is another.

  3. WhatsUpDoc1958 | July 14, 2014 at 7:36 pm | Reply

    U.S. gold mine supply is 69.1 million oz in January through April 2014.

    U.S. gold exports are 185.7 million oz in January through April 2014.

    So the U.S. exported 116.6 million oz more than the U.S. mined.

    So, where did the gold come from???

    Things that make you go Hmmm….

    • WhatsUpDoc1958 | July 14, 2014 at 8:18 pm | Reply

      Oops. Got confused and substituted million oz instead of metric tonnes. My whole question should be scrapped.

    • WhatsupDoc1958,

      Either way… ounces-tonnes, still a big difference between mine supply and exports. The U.S. Imports a good bit of gold as well as its recycle supply. Actually, I am putting together the FIRST PAID REPORT on this subject matter.

      While I have been tardy in the release of several PAID REPORTS… this one will explore some interesting trends, data and information.

      steve

  4. And THAT! As they say is the question. Hell, I didn’t know we dealt in Real Gold, just the paper junk version. Some day when it’s too late to do anything about it and the horse has left the barn we’ll find out the answer. Gonna be a long walk to town pardner.

    • HYMN,

      You would be surprised at some of the data that I have come across on the U.S. GOLD IMPORT-EXPORT-SCRAP-MINE SUPPLY. Very interesting trends taking place. The U.S. has been suffering a net DEFICIT in the GOLD TRADE for the past several years.

      steve

      • Actually Steve, the U.S. has been a net exporter far longer then most people realise. – Probably since the 1950s covert operations in Vietnam…

        Do a search for Document FT900 in Google. You should find articles that discuss the revelation to Alan Greenspan circa 1995, that they were net exporters in almost every year since the 1980s, but some people believe that most of the gold had already left the building, by the closing of the Gold window in 1971 (August 15th).

        Do a search for: Mrs. Louise Auchincloss Boyer – Tattler – missing gold.

        OR, Do a search for “The Coming Battle” – 2013 on http://www.scribd.com or go to
        http://moneymatterstoo.wordpress.com (revenge of the bankers) for links to the book , which details this in one of the four new chapters added.

        An updated version of the book is currently in production, and is pencilled for release later this year.

        W.

  5. To:whats up doc Metric tons not million oz. But i do agree with you. Where did 1/3 come from. 61.1 metric tons? I guess alota people died and their relitives took their gold and scraped it for quick cash. Or the banks that control the price need bad sediment for the metals so they can continue to buy artificially low and sell just as low to keep power in their fiat paper dollars. I dont know how much longer the banks can keep up the game or how much physical they have left. It cant be that much. That is the reason. Key word is “IS”. Thats what it was in 1933 when gold was confiscated and the gov even stated that the economy does much better with peoples money is in the economy and not just in metals hoarded in safes. The gold money is in a safe and saved rather than spent. The paper dollars were spent not saved. So after all that do you agree the gov wants peoples cash dollars spent on economy and floating out there in stocks, bonds, and other things rather than sitting in a safe for decades? The US gov stated that was the reason for the 1933 gold confiscation. Why would it be any differant today 81 years in the future. It brought the US out of a depression. The US controlls the markets and does not want dollar sediment to be bad so it makes the banks supress the price by dumping 1/3 over mine production from its stockpiles to keep up with demand and supresses the price. Therefore the price of gold stays the same or drops because US gov wants it that way and for people to keep their $ in stocks not gold.

  6. Spartacus Rex | July 15, 2014 at 12:14 am | Reply

    Thanks Steve!

  7. Tricky *Dick*Nixon | July 15, 2014 at 8:08 am | Reply

    Let me be clear……urghh
    I’m not a crook!
    People want to know if their
    President is a crook,
    I’ve earned everything,
    I got…..
    Now on to this gold thing!
    When I was president, there was gold
    In Fort Knox! I know because John
    Connolly told me so, Eherlicman
    And Holdoman told him!
    Now I know that Fort Knox is empty!
    Trust me, it all went to china!
    When this news is released, the dollar
    Will collapse, no one will go to jail,
    Just look at former demo crap
    Jon Corzine, governor of NJ
    He comingeled 1.3 billion dollars
    Of customers money, and it’s now gone!
    Not one day in jail, a very lame investigation
    Etc!
    When all this news finally breaks
    You won’t have Nixon to kick around!
    I’m really alive and well, I just played
    9 rounds in Austria, with dear old Adolph
    Hitler!
    We’re so misunderstood!
    Don’t follow the money!
    I mean gold,
    We’re not crooks
    Don’t listen to the mid stream media
    Msnbc says lean forward,
    So they can stick it in ya,
    So long for now!
    Richard M. Nixon
    37th President.

  8. Hi Steve,

    Since you did not mention the talks about how the gold import/export ”statistics” are compiled I like to bring this (from the Fed its own transcripts)

    CHAIRMAN GREENSPAN. Did I hear you correctly when you said that the gold exports in October appear to have come from the coffers of the Federal Reserve Bank of New York? Has anyone looked lately?

    MR. TRUMAN. Well, I didn’t want to tell too many secrets in this temple!

    VICE CHAIRMAN CORRIGAN. Obviously, we knew what happened to the gold, but I don’t think we knew what it did to exports.

    MR. TRUMAN. What happens in the Census data is that the Federal Reserve Bank of New York is treated as a foreign country. [Laughter] And when a real foreign country takes some of the gold out of New York and ships it abroad, it counts first as imports and then as exports. However, the import side is not picked up in the Census data. So there you get the export side of it.

    MR. LAWARE. Great accounting!

    MR. BOEHNE. Great confidence building!

    MR. TRUMAN. That’s because you haven’t been filling out your import documents!

    MR. ANGELL. Let me run this by again. You mean a country owns gold and has it stored in the Federal Reserve Bank of New York and if they ship it out, that’s an export?

    MR. TRUMAN. And in the balance of payments accounts it also counts as an import, so it washes out.

    CHAIRMAN GREENSPAN. The Federal Reserve Bank’s basement is a foreign country. When they move it out of the basement into the United States, it’s an import. Then, when they ship it out again, it’s an export.

    MR. ANGELL. That makes sense!

    MR. TRUMAN. And sometimes when they sell the gold, it might be sold into the United States, so it should count as an import. It doesn’t necessarily always show up as an export.

    MR. BOEHNE. That really clarifies it!

    MR. KELLEY. Does it have to get out of your vault at all in order to be considered an import and an export?

    VICE CHAIRMAN CORRIGAN. Well, I’m not even going to try to answer that. In this particular case I know what happened, so I think the description you have is correct.

    http://www.federalreserve.gov/monetarypolicy/files/FOMC19921222meeting.pdf

    Here a graph (sadly only to 2012) of foreign official gold held at the FED which is slowly but surely declining.
    http://2.bp.blogspot.com/-nFvVkI0a2NA/UjFqRaC1CoI/AAAAAAAAE_I/_St4t_VGXec/s1600/plot-vault2.gif

    Something your might want to take a closer look at.

    • Hugo,

      Thanks for the links and the graph on Fed Gold. I actually have the data on that very item. It will be in my upcoming PAID REPORT. You can bank on this one. Actually, this was going to be my first PAID REPORT anyhow. I have nearly 20 charts on some fascinating and interesting data and trends in the U.S. Gold Market.

      steve

      • Hi Steve,

        My pleasure and I hope your paid service will work out since you sure put a lot of time and efford into building your reputation. I will not buy it I have to say but I hope you will make that report public since I sure like to know if more official foreign gold held at the Fed is leaving the USA.

        regards and keep up the good work,
        Hugo

  9. Hey Steve have really appreciated you finding and now keeping this important data in the spotlight. I realize I am asking for what maybe an opinion but why the decrease in exports? Less demand or less available supply? WIth China trying to cover their tracks better on gold imports and trying to de-emphasize Hong Kong anyway to pick up other China destinations or is that being lumped in other? I seem to remember a China bar on previous graphs.

    Have you seen or heard on whether or not any of the the new $100 Billion contributed to the BRICS development bank will be use to purchase PM’s. Any guesses on that possiblity?

    • Kansas Crude,

      I have no idea what the $100 Billion is in-store for. However, I can say this… IT CHAIN’T GOOD FOR THE DOLLAR

      I believe the decline in gold exports (my opinion – not based on facts) is due to investors being LULLED asleep again by the Govts and Press. Buying of gold only picks up during HUGE PRICE MOVES (Up or Down) and or… if investors believe the WORLD IS COMING TO AN END, like it was in 2008-2009.

      I believe this is only a temporary condition that will change again as the financial system continues to weaken.

      steve

  10. Steve:

    Have you come across Mike Stathis at:

    http://www.avaresearch.com

    I’d be very interested to hear your thought on him. He doesn’t seem to belive too much in gold/silver except if you trade them.

    Thoughts?

    • Bob,

      You are about the fifth person who has asked my opinion of Mr. Stathis and his AVA-Research. Interesting, the only way you can read any of his stuff is by SIGNING UP. That’s a BIG RED FLAG for me.

      Anyhow, Mike is typical of the BORN-AGAIN TRADERS who look at life in a GNATS existence. I looked over Mike’s recent headlines and I can tell you… I am not impressed.

      We must remember, if this was 1980 all over again… I would not advise holding on to gold or silver. However, this is 2014, and we are currently experiencing a peak in global oil production. We don’t have another 34 more years of global oil supply growth. THE PHAT OIL LADY IS SIGNING.

      I also see Mr. Stathis doesn’t believe in CLIMATE CHANGE. Martin Armstrong and Mike Stathis come from the same cloth…. they believe in the SOCIALISM-COMMUNISIM BOGEYMAN.

      Peak oil and climate change will impact the world much greater than these two CLOWNS have any idea. Maybe I shouldn’t call them CLOWNS, but Mike or Martin do not have any problem calling others COLORFUL ADJECTIVES.

      Bob…. fundamentals always win out in the end. We are at the end of cheap oil…. and the future decline of global oil production on top of falling net oil exports will WREAK HAVOC on FIAT MONEY & PAPER ASSETS.

      stve

      • I have yet to be able to find a review of AVA Research. He keeps saying: Refer to my book to see my track record (which was written in 2006).

        You should do an article on his views! He says all the gold/silver guys are salesmen/conmen. To some degree I do agree as they are all trying to sell you something.

        That doesn’t mean gold/silver is not a good place to put some funds…

      • A Hugh untapped pool of oil has been discovered in Australia. They are positive of over 150 billion barrels, and upward of 400 Billion barrels. I hear it is shale oil. Google “oil in the Officer Basin” to begin your research. Just a few small oil companies were buying up all the land and leases. On top of that is a rather large discovery somewhere off the coast of Scotland. The world is not going to run out of oil any time soon. And when they start utilizing Stanley Meyers hydrogen-on-demand technology, we won’t need oil anymore anyway, except for the lubricant.

        • SlipperyDick,

          Unfortunately, that supposed 400 billion barrels is out in the middle of nowhere. To extract that shale oil, you need a lot of water… which is lacking in a HUGE WAY, as well as infrastructure. While you assume the world has plenty of oil… the cheap stuff is gone and the world can’t afford expensive oil.

          THERE LIES THE RUB…

          steve

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