U.S. Gold Exports Surge In November

After the price of gold fell to a new low in November, total U.S. gold exports jumped 40% compared to the previous month.  When the USGS released their October Gold Mineral Industry Survey, total gold exports that month were the second highest of the year.

However, the most recent data shows U.S. gold exports shot up significantly to 71 metric tons in November, compared to 51 mt in October.   If we look at the chart below, we can see that U.S. gold exports increased considerably in September after a lull in demand during the summer.

Total US Gold Exports JUN-NOV 2014

Not only was November’s 71 mt the second highest month for U.S. gold exports (Jan was 80.7 mt) in the year, Switzerland received nearly half of the total amount.  In just one month, U.S. gold exports to Switzerland jumped from 17.6 mt in October to a staggering 32.9 mt in November.

Total U.S. Gold Exports NOV 2014

Furthermore, gold exports to Hong Kong increased from 12.9 mt in October to 14.8 mt in November, while India’s grew by 1.3 mt to 7.4 mt.  As it turns out, November is another deficit month for the U.S. gold market.  Here are the figures:

U.S. Gold Market November 2014

Mine Supply = 17 mt

Imports = 20 mt

Est. Scrap = 8 mt

TOTAL SUPPLY = 45 mt

Exports = 71 mt

Consumption = 10 mt

TOTAL DEMAND = 81 mt

DEFICIT NOV. = 36 mt

As we can see, the United States continues to send GOLD (Real Money) to Switzerland, Asia and India while it creates more debt and derivatives.  This is another stupid practice for a country that leads the world in FINANCIAL INSANITY.

Lastly, the future value of the precious metals will skyrocket as the value of most paper assets implode.  Why?  This will be due to the peak of unconventional oil sources and the continued falling EROI.  I recommend reading my recent article on this subject if you have not:

DECLINE OF US EMPIRE HEADER

Click on the image on you can get access to the article by the following link:  DECLINE OF U.S. EMPIRE:  Due To The Worst Oil Productivity In The World

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7 Comments on "U.S. Gold Exports Surge In November"

  1. Place ” Audit Americas Gold ” on a ballot. Hell, put it on every ballot everywhere. Where do they come up with 36mt of Gold ?

  2. The 20mt imported in November was also the lowest for the year and it will be interesting to see if this continues. If so it will confirm the global trend where traditional supply channels to UK / Switzerland are being diverted. E.g. much of the gold that used to flow from South Africa to UK now flows to HK instead. Australia used to export much/most of its production to the UK, now it doesn’t. If you subtract what UK exported to Switzerland in 2014, Swiss imports were the lowest they’ve been for years despite global production reaching a new record.

  3. Whereas I do not disagree that fiat currencies are going to fail, and we will enter a global recession, I don’t buy into the peak oil theory that much. Capitalism will have its growing pains, but I wouldn’t bet all my gold and silver against capitalism’s ability to incentivize innovation.

    • Hector,

      I believe the reason there still remains a good percentage of the public that doesn’t agree with the theory of Peak Oil has to do with not understanding all the data and facts.

      Capitalism is an economic system based on exploiting resources from nature and packaging it into forms of wealth for human benefit…. or loss. The gain or loss depends on what side of the economic equation one sits.

      Capitalism has nothing to do with the basic function of the EROI. The more data and facts an individual acquires in this area of study… the more accepted becomes the PEAK OIL THEORY.

      steve

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