U.S. Exports Nearly All Gold Mine Supply To Hong Kong

The U.S. gold exports to Hong Kong surged in February consuming nearly all of the domestic gold mine supply.  According to the USGS recent Gold Mineral Industry Survey, February gold exports to Hong Kong more than doubled compared to the prior month.  This was an interesting increase in gold demand from Hong Kong as the market price increased slightly month over month.

Not only did gold exports to Hong Kong jump, but total U.S. gold exports also increased 40% from 36.1 metric tons (mt) in January to 50.4 mt in February.  The top three countries that received the majority of U.S. gold exports were Hong Kong (15.5 mt), the United Kingdom (12.1 mt) and Switzerland (11.7 mt).

As we can see in the chart below, U.S. gold exports to Hong Kong jumped from 7.2 mt in January to 15.5 mt in February:

Furthermore, total U.S. gold exports to Hong Kong were 25 mt from July 2017 to Jan 2018 compared to 15.5 mt in February.  The large increase in Hong Kong gold demand consumed nearly all of U.S. domestic mine supply:

Total U.S. gold mine supply in February was 15.8 mt versus the 15.5 mt exported to Hong Kong.  The majority of U.S. gold mine supply came from Nevada (11.4 mt) and Alaska (1.9 mt), with the remainder from various states (2.4 mt):

According to the USGS table above, total U.S. gold mine supply for Jan-Feb was 33.7 mt.  If we add up all U.S. gold mine supply and gold imports and subtract total gold exports, the United States suffered a net 16.6 mt deficit for the first two months of the year.

JAN-FEB U.S. Gold Market 2018 Surplus-Deficit:

Gold Mine Supply = 33. 7 mt

Gold Imports = 36.2 Mt

Gold Exports = -86.5

Net Deficit = 16.6 mt

Now that net deficit figure above does not include U.S. gold scrap supply or demand.  However, I would imagine American gold demand was higher than gold scrap supply, so the net deficit is actually even higher.

Regardless, the West’s gold continues to flow to the East.  Even though the U.S. exported nearly 24 mt of gold to the U.K. and Switzerland in February, I would imagine a large percentage of that gold ends up in China, India and Southeast Asia.

Please check out my next video that will show the Top Three Gold Miners Production cost versus the market price and how that compares to the Primary Silver Mining Industry and silver price.  If you haven’t subscribed to my YOUTUBE Channel, please do so to receive updates on my new videos.  You can subscribe here:  SRSrocco Report YouTube Channel.

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35 Comments on "U.S. Exports Nearly All Gold Mine Supply To Hong Kong"

  1. If you can’t hug it, you don’t own it. And if you won’t own it, you can hug it.

  2. Steve,

    Why in the hell does the US keep trying to commit suicide! We’re sending all our Gold overseas, which is the only protection we will have in upcoming collapse. 🤦‍♂️ Do we really think we can just keep whistling by the graveyard with all this debt piling up?! It’s enough to make a citizen of this country go insane!

    • Ignorance and arrogance.

    • There are those in high places who are rewarded handsomely for their positions. As the famous George Carlin once said, we were thrown overboard by these thieves. Unfortunately for us, they control the systems that they have set up and it overrides everything. They can also deleverage it slowly all the while profiting in doing so. It’s a BIG CLUB! And you and I aren’t in the BIG CLUB!

      • OutLookingIn | April 27, 2018 at 11:04 am |

        Very true.

        But remember, gold mining is a business with the profits coming from the sale of their product – gold. The Shanghai Gold Exchange has almost always paid a premium over and above the spot price, for not only gold but for silver also since the exchange became operational. It just makes good business sense to sell your “product” at the best possible price. The Chinese don’t mind paying in fiat for the physical!

        http://www.didthesystemcollapse.com

  3. I have been following this blog and many others, and try to keep a very open mind, and not get jacked up like a lot of people do on “prepper sites” but at this time I am completely lost. For the US to EXPORT 1.) a lot of its food even while the infrastructure upon which domestic food, gasoline, and medicine delivery and fragile credit/payment system depend upon via trucking is allowed to deteriorate, 2.) its oil (based on ephemeral “sugar high” shale production for 3 yrs or so), 3.) its manufacturing, and now, even its 4.) gold (I really don’t know if there are 8,000 tons in FT Knox /NYC vaults) , only means to me that the NWO sees the US as the last obstacle to world control –because of our 2nd amendment rights and the fact that many of us are well armed. The NWO it seems to me literally wants to see the US collapse and therefore bring on the debt, currency debasement, the immigrants, adopt the Cloward-Piven strategy and from there leading to social unrest, civil war etc.

    The NWO has all their retreats outside this country anyway. THEY DON’T CARE WHAT HAPPENS HERE. See the hapless unarmed Venezuelans being watched by the NWO like we are participants in the Hunger Games or The Walking Dead. (my daughter made me watch HGs for the first time last week.)

    To one who casually views these events without understanding all the insider theories which at this time I realize very few of us can verify for the simple reason that we are denied accurate intel, this would seem like the only off-the-cuff explanation for this US and Canadian self destructive behavior in contrast to other countries in the world which are accumulating gold at a furious pace.

    Sorry to sound so whackadoodle, and want to keep the posts on this site as insightful as possible whether dissenting or not.

    • Actually, I agree with you! Good points you make… too bad that SO MANY are still SLEEPING and won’t know what the h*** is happening when this collapsing nightmare picks up speed!

    • DisappearingCulture | April 27, 2018 at 11:12 am |

      “… only means to me that the NWO sees the US as the last obstacle to world control –because of our 2nd amendment rights and the fact that many of us are well armed. The NWO it seems to me literally wants to see the US collapse and therefore bring on the debt, currency debasement, the immigrants,…”
      Probably worth noting here that the NWO, whatever it is or is perceived to be, probably does not include Russia, China, and a few other countries.

  4. Demand greater than supply and not much price movement. This is the “expect the unexpected” phrase we think of that refers to manipulation as the reason for resulting price. What else is new ?

  5. Tom Zeberlein | April 26, 2018 at 6:35 pm |

    The sale and movement of physical gold has no bearing on the COMEX spot price, since the COMEX does not exchange gold. Gold bought at the COMEX is never delivered. There is not enough of it. If delivery was forced, there would be a major breech and the COMEX would be no more. The COMEX is no place to buy gold or silver. It is no more then a big gambling casino.

    • DisappearingCulture | April 27, 2018 at 11:16 am |

      “The sale and movement of physical gold has no bearing on the COMEX spot price, since the COMEX does not exchange gold.”
      Not entirely true. The COMEX price IS the de facto price [plus small current premiums] for physical, both wholesale and retail.

  6. CivilWarImminent | April 26, 2018 at 7:56 pm |

    All planned. You can thank your Deep State that has been effectively in the face of every American since 1913. Every single politician has known the truth yet nobody has tried to fix it. And not enough Patriots left to actually go to Washington and remove the traitors by force. You cant vote out 99% Corruption. The United States is being judged by God. You can’t allow evil people to be in control all the while murdering babies by the 10’s of millions since the 1970’s and actually expect to survive in the long run.

  7. I believe most of the world’s population sees gold as the ultimate store of wealth. The West did also until only about two generations ago. When the paper debt loop goes bust, those countries holding the most gold will be recognized as monetary world powers. Those holding the most debt are doomed. China may demand payment in gold from the US if certain situations arise.

  8. the 2nd largest gold reserve in the world are located in the state of nevada. 86 percent of the land area in nevada is owned by the federal government which maintains control of the gold. this will never cdhange. nevada gold is the collaterol used to finance the massive u s borrowing.

  9. Let me calm all of you fruitcakes down.

    Yes, the United States can keep on issuing debt. The reason is, as the interational reserve currency, other countries must hold dollar denominated debt as reserves. It’s a requirement of the system.

    The debt will never be paid back, nor does it need to. If the financial system is threatened, the central bank can just create trillions of new dollars by pushing a button, and absorb the bad debts onto its balance sheet, which is infinite. At some point, they will just annul all debts and the system will start from scratch with a new currency.

    You guys have to pay back debt, just like you pay taxes, because you are little people. It’s the same reason you stack gold and silver to “stick it to the powers that be” even as they show you who is boss by controlling both markets and not allowing them to rise for what, 7 years now.

    • Dolph, Be careful! They’ll dock you for any bonus money if you misprint werdz! – “Yes, the United States can keep on issuing debt. The reason is, as the interational reserve currency” Even though the”interrational reserve currency” is in fact irrational it appears that you’ve had a Freudian moment. The Big Guys don’t like that!

    • Moron: the same said the venetians, the portuguese, the spaniards, the dutch, the british. Do they still have a world reserve currency?

  10. Northwest Resident | April 27, 2018 at 12:28 am |

    When you see countries like China, Russia, Hong Kong and others importing such large amounts of gold to add to the stockpiles they already have stashed away, you know that gold must be much more than a mere “relic”. You KNOW that despite all the propaganda and price manipulation, gold must be very valuable. I think what we’re seeing with all these gold imports is the groundwork for converting to a gold (and silver) based money system at some point in the future. Sure looks like that is where we’re heading, and it makes sense.

    • Good comment imho NR. Gold however doesn’t have ‘value’, its just a steady intermedium of exchange, which is needed for trade in a non growth environment. Nothing more, nothing less. Within our current situation, gold and silverd value should not be measured in currencie, or maybe even not in value, but in trust. Trust is the ultimate intermedium of exchange, whatever it is. And trust in fiat currencies will dissapear within a decade from now. Pick your poison.

      • Northwest Resident | April 27, 2018 at 8:16 pm |

        Non-growth environment is exactly where we are headed (and arguably where we are). Because gold/silver exchange in any economy alleviates the need for trust, it is very valuable. I know — splitting hairs,

  11. milanolarry | April 27, 2018 at 4:40 am |

    A lot of people overlook one thing. Under the new oil for gold arrangement, oil exporters can buy gold not only in Shanghai, but also HK.

  12. I recently listened to a presentation about China’s debt problem from Gordon T. Long. Its well worth your time. Since 2007 China has incurred most of the global debt. Global debt which at the end of 2017 equaled 217 Trillion Dollars. Its unpayable and growing.
    https://www.youtube.com/watch?v=tNIJ8u7TONM

    The debt explosion could easily originate from China. Gordon T. Long argues that Chinese debt is really around 139% of GDP. There is a reason why wealthy Chinese buy bitcoin, realestate, and Gold. They have a better perspective of the malinvestment. I don’t think we have any idea how high Gold and silver will go when the next crises occurs. U.S. analysts and readers tend to have a very U.S. centrist view. However, we need to broaden our perspective. There are financial imbalances and threats to the status quo all around the globe.

    • Petedivine,

      Thanks for sharing that. Yes, I saw that presentation by Gordon T. Long. If you watch THE CHINA HUSTLE, legendary Jim Chanos says the same thing about China. THE CHINA HUSTLE is a must watch.

      steve

    • Awesome comment from dr Tim Morgan; the difference between QE and monetazation:

      drtimmorgan
      on April 25, 2018 at 5:06 pm said:
      There does seem to be a workable distinction between QE and “printing money”, and/or monetising debt.

      Here are some of the questions which need to be asked:

      – Are bonds purchased in the market (QE), or from the issuer (monetising)?
      – Is there a genuine intention to sell (QE), or is it permanent (monetising)?
      – Do purchased bonds pay interest (QE), or not (monetising)?
      – Are purchased bonds redeemable (QE), or perpetual (monetising)?
      – Are CB and treasury balance sheets kept separate (QE), or merged (monetising)?
      – Is it an autonomous CB operation (QE), or linked to fiscal policy (monetising)?
      – How much public debt has been bought? (the guideline apparently being 40%, more than this is monetising)?

      Here’s a source on this – see page 17

      https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3060168

      Japan, for instance, surely must be considered to be monetising. The BoJ owns almost half of all JGBs in issue. Purchases last year were above 50trn JPY, but the fiscal deficit is barely 20trn, so they’re monetising existing debt. I very much doubt if the government will (or could) redeem JGBs owned by the BoJ, and paying interest seems pointless, as it probably goes back to the government anyway. Reversal of the BoJ buying programme looks inconceivable. The market in JGBs has virtually ceased to exist. Bond buying is an avowed part of fiscal policy.

      That’s where most countries are likely to find themselves after the next crash – and the credibility of fiats will go up in smoke.

      —>>. there’s no real growth! There’s only the fogs of fiat.

      • You are right, capitalism is dying in a slow motion train, fiat had been the best solution in order to postpone the crash by increasing the quantity of debts by several fold whcih was not possible under the gold exchnage standard. As you are probably a capitalist lover you should thank the FED for this 5 additional decades of happiness !

  13. Big Banks have invested and still investing in gold mining companies.It’s easier to manipulate price and make much more than in physical metal.
    the US Army and $ as the world currency keeps USA in very good position. Who is going to challenge that ???

    • DisappearingCulture | April 28, 2018 at 9:26 am |

      “the US Army and $ as the world currency keeps USA in very good position. Who is going to challenge that ???”

      The challenge is being mounted, by China and Russia. Check out some of their newer weapons systems. They have nukes too. And they are mounting economic challenges to the dollar’s position in the world; both as reserve currency & petro dollar.

      • I don’t think China and Russia are going to challenge the dollar or attack first USA for some time,
        but I think USA if pushed against the wall will attack them.
        I don’t see any challenge from any other western countries. USA will keep status quo unchallenged. Living on credit it’s easy and very convenient.
        They have great advantage above anybody.

  14. Perhaps the Chinese and Russians are the ones manipulating gold and silver prices by sacrificing some of their USDollar reserves on Comex paper metals with their left hand while furiously converting the rest of their reserves into physical metal with their right.

  15. Muhammad Aidid | April 28, 2018 at 7:11 pm |

    15 tonnes exported to hong kong in february? Well it’s nothing … because nothing good is happening to gold price.
    Hong Kong should have demand of at least 1000 tonnes per month, if that happens then please write an article about it . Now gold price is usd1323.09 per oz. Even if the price including premium is usd1400 … they only need 1000 tonnes x 1000 kg x 1000 g ÷ 31.1 oz x $1400
    Approximately just $45 billion per month ..
    45 billion is peanut ..
    Until it happens, price is not going anywhere. If u dont believe it, just count the number of articles u have published. Remember hillary’s quote? WHAT DIFFERENCE DOES IT MAKES AT THIS POINT?

  16. Mark

    You’re wrong. what will happen is US will attack first, (tho not overtly, false flag cover will be used) and if conventional war attempted first US will lose. This is a foregone conclusion, everyone with any savy for fighting knows this. Best cold blooded miltary analysis ever is “vineyard of the Saker” and Southfront. Read old articles. Not only is US weaponry inferior due to corrupt MIC but also american character and stamina very inferior as is common with any decayed empire

    Since, as you say, the dollar as reserve currency is only held up by arms, once the paper tiger is revealed whether incrementally or all at once the dollar will go into freefall.

    already happening. Syria a US humiliation and latest attack a failure

    As always, everyone will rush to stomp on the hated bully. Then agree on a new tyrant. After few years maybe China will take over North America. just buy it up, pennies on the dollar

    No worries tho. Once hubris destroyed it will go nuclear quick

    • Maybe I am wrong maybe not. Why you think USA spent trillions dollars on military in last 10 years.In Syria Russia is very isolated and vulnerable.
      I don’t like talking who has more superior army and technology ,because we know nothing about them really.USA will probably attack when they can’t fool anybody anymore with their recovery.They will try to blame somebody else for that.Future will show.It’s not going to be good for anybody specially for ordinary people.The gold only can go up ,no matter what happens.

  17. Course, if nuclear obliteration by some miracle is avoided this might be good thing if you’re a stacker as China encourages gold/silver ownership. Won’t help me, stupid me, alas.

    Probably tho just allow for own citizens. Old time natives will be extremely underclass whose continued existence discouraged.

  18. A possible reason U.S. exports significantly increased into Hong Kong in Jan. And Feb. was the opening of the Yuan oil bourse. You can exchange Yuan for gold at the Hong Kong Gold Exchange. Just speculating, but the dates and increasing gold demand from Hong Kong seem to line up.

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