U.S. Gold Exports Jump 70% In September

According to the USGS most recent data, total U.S. gold exports increased significantly in September. Not only did U.S. gold exports surge in September, they were 70% higher than the previous month. This was probably due to increased demand as the price of gold declined $80 during the month.

U.S. exports started off very strong in January, reaching 80 mt (metric tons) with the majority heading to Hong Kong.  However, gold exports fell to 47 metric in February and dropped even further in March at 30 mt. If we look at the chart below, U.S. gold exports continue to remain weak from April to August until the spike up in September:

Total U.S. Gold Exports Last 6 Months

As we can see, total gold exports for each month were less than 30 mt. However, when the price of gold fell to a new low, gold exports increased to 50 mt. The majority of gold exports in September were shipped to Switzerland, the U.K. and Hong Kong:

Total U.S. Gold Exports Sept 2014

China also received a direct shipment of 3.3 mt of gold while Thailand imported 3 mt, Italy 2.6 mt, Singapore 2 mt, and the UAE 1.5 mt.  What is interesting here is the 2.6 mt of U.S. gold exported to Italy.  Italy has imported gold scrap from the U.S., but not much in the way of gold bullion.

Matter-a-fact, I went back and looked at the past ten years of USGS Gold Yearbooks and only found one entry listing U.S. gold bullion exports to Italy in 2009 at a paltry 21 kilograms, which is 653 troy ounces.  Compare that to the 2.6 mt or 83,590 troy ounces of gold exported to Italy in September.

U.S. gold exports for the first nine months of 2014 are down compared to the same period last year.  From Q1-Q3 2013, total U.S. gold exports were 573 mt compared to the 370 mt in the first three quarters of 2014.  However, the price of gold fell to a new low in November, thus gold exports from the U.S. may continue to be strong for the remainder of the year.

The Delay In Releasing THE U.S. GOLD MARKET REPORT

I mentioned over a month ago that I had planned to publish my first paid report, THE U.S. GOLD MARKET REPORT.  The report has 25 charts-graphs and is 38 pages long.  I had my web designer working on setting up the new PAID REPORTS PAGE and just when I it was about to go live with it, I found a glaring error in one of the major aspects of the report.

Initially, I thought the U.S. suffered a large cumulative gold deficit between 1981-2013.  I came up with a large deficit using figures provided by the USGS Gold Year books.  The USGS receives its data from the U.S. Census Bureau.

The USGS publishes annual gold import-export data and during some years, exports were very large.  Coincidentally, years showing large exports also listed significant net withdrawals of gold out of the NY Fed.  I assumed part of the gold exported from the U.S. included gold withdrawn from the NY Fed.

I called up Micheal George, the USGS gold specialist and asked him if foreign held gold withdrawn out of the NY Fed was included in the total U.S. gold exports.  He told me that any foreign held monetary gold withdrawn from the NY Fed was not included in the U.S. gold export data.

So with that understanding, I continued with the report.  However, when I was about to publish the report, something just didn’t seem right, so I spent some time researching the details on the foreign held gold at the NY Fed.  I went back to some older USGS Gold Year books in the 1970’s and found out that the USGS actually provided a breakdown in commercial and monetary gold exports.

Unfortunately, the USGS no longer provides a separate accounting of monetary gold exports.. so its very difficult to know how much of the annual net withdrawals of foreign held gold at the NY Fed are exported or sold into the market.  And.. its even more difficult and convoluted than that… I will get into this into more detail in the revised report.

So, some of the 4,000+ metric tons of foreign held gold at the NY Fed withdrawn between 1981-2013 were indeed included in the total U.S. gold exports.  So, now I have decided to totally revamp THE U.S. GOLD MARKET REPORT including data going back until 1971.

I have to say, the more I research these older USGS Gold Yearbooks, the more fascinating data I uncover. For example, in 1974, the U.S. exported 3.3 million ounces of monetary gold.  Of this amount, 2.58 million oz of monetary gold were shipped to Saudi Arabia. This is quite interesting due to the fact that the U.S. Arab Oil Embargo started in 1973.

Furthermore, it’s truly amazing how much gold the U.S. exported since 1971… and this doesn’t even include foreign gold held at the NY Fed.  It will take some time to go through all this data, but I believe it will provide the precious metal investor a very interesting report on the dynamics on one of the largest gold markets in the world.

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barney
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barney

Do you ever think that possibly any of this won’t really matter. What I mean by this is that let’s say there is a supply shortage at some point. What happens? Yesterday, the banking cabal shut down all trading in the Russian Ruble. Will they do that on the COMEX, LMBA, while outlawing ownership of gold again? And do you think the vast majority of American plebs will even care, so long as their govt. checks keep coming? I’m just doing some game theory but I have no more idea than anyone else. Gold and silver move on the exchanges… Read more »

Outlookingin
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Outlookingin

An old Wall street nugget: ‘He who sells what isn’t hissin, will go to prison!’

Swiss based Gunvor, the worlds fifth largest commodities trader, has announced it is ceasing to trade gold. It cites the main reason being that “legal” gold is now becoming rare to find. And that most gold on the market has an origin that cannot be documented. Most probably due to the hypothecating of the hypothecation of the re-hypothecated underlying!

barney
Guest
barney

At 2 eastern time, we’ll get to see how the banking cabal is still in charge. Silver down 4% by end of day today or tomorrow. They always slam it on any FOMC decision. Guaranteed.

barney
Guest
barney

Watch the price of silver right now: unchanged for minutes now. Banking cabal taking tight grip—getting ready to absolutely flog the price to smithereens at 2:00 eastern time.

This is all too terrifying.

RD
Guest
RD

The oracle is going to speak : fasten your seat belt…

barney
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barney

Ah……starting to fade a bit. Flogging coming up in 45 minutes. One thing I agree with: silver would fly if the banking cabal had to back out of all their positions. And I DISAGREE with anyone alive that think the metals are not manipulated ALMOST ALL DAY LONG. They have to be manipulated all day long. Think about it: They’ve been manipulated for so long now that any let off the brakes and you see huge spikes. Which can’t happen. So even when you get a spike the prices are ALWAYS quickly capped—only to fade into the night once again.… Read more »

RD
Guest
RD

I will mostly happen in the future but still could be years away in my opinion (but not décades).

barney
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barney

Right on cue: futures starting to tumble. Get ready for the HUGE and MONTSTROUS PM slamdown. Man, this is just Sooooooooo predictable. So is the endgame. Get ready to have your PM’s outlawed in the next few years. So predictable.

barney
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barney

Price increase capped in its tracks. Now headed DOWN, while equity markes around the world RIP HGHER.

NEVER FAILS.

barney
Guest
barney

Ah…..so sweet. And there goes the PM complex: BOOM.

RD
Guest
RD

Steve,

Do you think the 50 mt for september include (even partially) some official gold export sector ?

I know that in the past the information looks quite difficult but maybe it is easier for 2014 months ?

Thanks.

houtskool
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houtskool

Millions & billions in physical gold and (a bit) silver, trillions & quadrillions in paper markets, shorting rubles and pumping stocks. Shit is freaking me out after reading hundreds of articles. There’s still trust in paper markets, and a lot of currency to be made. Phyz market is very small in comparison with paper ‘manipulations’, but the paper is starting to lose grip imho. Oil from $110,- to $57,- in a short period, ruble fx halted, 2% yield on broken countries bonds; when paper breaks, phyz won’t be available anymore. But it takes a damn long breath to see the… Read more »

houtskool
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houtskool
barney
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barney

Silver in the 15s. The Fed can never raise rates. Russell 2000 skyrocketing. Victory. Betting on gold and silver is just stupid when you do the math.

Paper wins.
If paper doesn’t win-paper halted. Physical outlawed.

=Screwed no matter what in PM’s.

barney
Guest
barney

So let’s us see. The market has decided….oh well, they might do some small raise *someday* so let’s rip higher no matter what. And the market decides simultaneously that while a rise in interest rates isn’t likely anytime soon……sell all precious metal investments.

I get it. Give me my money back Fed. You should have sent a world-wide memo that no matter what PM’s would never EVER NEVER ever be allowed to work.

dan
Guest
dan

when gold and silver are required to be returned ,the metal of choice will be ‘lead’….imho

David
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David

As Dan implies, if TPTB “outlaw” gold ownership that will largely be ignored. This is not 1933, when gold holders thought they were doing a patriotic duty by complying with an immoral executive order.

Barry
Guest
Barry

barney,
you make your points but, give alternative suggestions. if you don’t have any then you are wasting your time as most people here probably ignore your constant negativity any way.

lakemike49
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lakemike49

wow—debate, you do not get many sites that let some of this go on

chuck
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chuck

Barney, When gold was outlawed in 1933 the US population was much more trusting in it’s government than today. Besides that, they only arrested one person over the law to make an example and the rest of the gold that was turned in was voluntarily done. Let’s put some perspective to your conclusion, if they did outlaw gold the vast majority would continue to hoard their holdings and NOT turn it in. This would create a black market for precious metals and be bullish. They wouldn’t be able to physically confiscate the metals going door to door or after people… Read more »

Barney
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Barney

I am not telling anyone to sell or anything of that nature Chuck. I’m just pointing out how the repression will likely never end. Do what you want with your own investments. And I disagree with anyone who says gold is “insurance.” No–it’s not. it’s an investmnent alternative.

Outlookingin
Guest
Outlookingin

WRONG.

Gold is money. The ONLY “true” money. Has been for thousands of years and will be for thousands more! Currency is a paper claim chit claiming wealth. It is NOT money.

A bare six weeks ago, people in Russia could buy an ounce of gold for 54,000 Rubles. Today that same ounce gold will cost them 90,000 Rubles. Now, what would you have preferred to have your wealth in if you lived in Russia? Gold is insurance. Insurance against having your wealth destroyed by currency devaluation.

RD
Guest
RD

Some would say russians should have been in western paper only…

JohninMK
Guest
JohninMK

I can see Berney’s point Chuck. I started stacking at around $1800 and am still adding a little to reduce the average but I’ve been hit hard. I am pretty sure that if the price does actually go through the roof Governments will take action, either by nationalizing stocks as in 33 or imposing heavy gains taxes. Either way it will not be pretty for gold holders especially those with it ‘safely’ stored in vaults. It will be a case of getting out before draconian steps are taken ’cause after that it might only be the black market. After that… Read more »

silverfreaky
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silverfreaky

I hear all time Long term Investment.It was the wrong Investment at the wrong time.
When I know today that silver costs the third part of Money in 3 years, should I buy it today?

The prediction that the Dollar collapses was wrong too.Exactly the controverse happens.

Joe Lindell
Guest
Joe Lindell

We all agree that the Silver/Gold market is manipulated. And for the most part we can identify who the manipulators are. Therefore, if the USA exports every ounce of gold, I ask, “So what?” If the manipulators are not buying gold or silver but their assets are FIAT currency, ” What does that tell you?” All the rhetoric has gone nowhere. We had hopes that the physical market being set up in China would put “silver in a free market.” Since China must import a few hundred million more ounces than it’s mine produce, they hire the manipulators as consultants… Read more »