U.S. GOLD EXPORTS TO LONDON SURGE

As U.S. gold exports to Hong Kong and China fell 25% in the first four months of the year, London picked up the slack.  According to the USGS, U.S. gold exports to London surged more than doubled from January to April, compared to the same period last year.  Interestingly, the amount of gold exported to London during this period nearly equaled the total U.S. domestic gold mine supply.

From the data reported in the USGS Gold Mineral Industry Survey’s, U.S. gold exports to the U.K. (London) jumped to 64.3 metric tons (mt) Jan-Apr, versus 25.5 mt during the first four months last year:

Here is the breakdown of U.S. gold exports to London for each month:

Jan = 12.2 mt

Feb = 12.1 mt

Mar = 21.2 mt

Apr = 18.8 mt

Total 64.3 mt 

As I have mentioned, a lot London’s gold is exported to China and Switzerland.  And then, the majority of Switzerland’s gold is exported to Hong Kong and China.  For example, according to the statistics on GoldChartsrus, in March, the U.K. exported 16 mt of gold to China and 32 mt of gold to Switzerland.   In the very same month, Switzerland exported 80 mt of gold to Hong Kong and China.  So, most of the west’s gold still ends up in Hong Kong and China.

Here are the top three countries that received gold exports from the United States Jan-Apr 2017 versus 2018:

From Jan-Apr 2017, the United Kingdom received 25.5 mt of gold from the U.S., compared to 69 mt shipped to Hong Kong and China and 48.3 mt sent to Switzerland.  Now during the same period this year, U.S. gold exports to the U.K. jumped to 64.3 mt while Hong Kong and China fell to 50.5 mt and Switzerland declined to 40 mt:

Even though U.S. gold imports increased to the U.K and fell to Hong Kong-China and Switzerland, total exports to these three countries increased by 12 mt Jan-Apr 2018.  Furthermore, as U.S. gold exports increased, gold imports declined nearly 17 mt during the same period.  So, the United States continues to export more gold than it imports and produces from its domestic mines.

As I mentioned at the beginning of the article, U.S. gold exports to London Jan-Apr equaled nearly all U.S. gold mine supply:

The 64.3 mt of gold exported to London, U.K. equaled 93% of total U.S. gold mine supply.  Thus, the U.S. exported nearly 40 mt more gold than it produced and imported from Jan-Apr 2018.

Lastly, total U.S. gold exports declined to a low of 393 mt in 2016 compared to a high of 695 mt in 2013 when the gold price fell sharply.  However, the U.S. is on track to export over 500 mt of gold this year, the most since 2014.

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24 Comments on "U.S. GOLD EXPORTS TO LONDON SURGE"

  1. Michael Kohlhaas | June 25, 2018 at 2:40 pm | Reply

    They didn’t ship gold – it was tungsten!!!

  2. Conjecture??

  3. Steve,
    good intel, thanks. Any thoughts on how much gold would have to remain on a West to maintain COMEX game? Do they need any?
    Gold price is declining with USD strength, despite increasing oil price. With annual gold production being small %% of total above ground stock – do you see that increase in cost of new production will translate into cost of the metal? Does not seems to be happening with Platinum, which by some estimate is trading at ~half of production cost. Thanks for your thoughts.
    regards,
    daniel

  4. “Follow the money.”
    – Deep Throat

  5. Steve,

    Another factor which could distort this info is that central banks as well loan to each other gold. You could say fractional gold banking (fictive) real figures are very hard to verify with central banks.

  6. Northwest Resident | June 25, 2018 at 11:15 pm | Reply

    I read yesterday from what seemed like a credible source that after WWII, America held two thirds of known global gold supply. Does anybody really know how much gold America still has? WHY would America and The West be selling so much gold/silver to China and other nations? At this late stage in not just the global economy but industrialized oil-based civilization as well, there must be a really good reason why America is “redistributing” the gold. Dumb question maybe, but why would China and Russia even want so much gold if we’re moving to a bitcoin future? (hint: we’re not)

    • Paul D Anders | June 26, 2018 at 3:52 am | Reply

      Easy, it keeps the game going that much longer. Why would you care if America had gold or not if you were filthy rich AND owned the printing presses? Most of these people have homes in other countries…New Zealand is the current hotspot. As for the digital currency thought. It won’t be Bitcoin, but it will be digital soo, we’re 90% there already…

  7. Steve. When I first started, about 8 years ago, you were a big silver bull. ” Don’t buy stocks, but silver was your mantra.” After these past 5 years your bullishness has not paid off. Silver was a terrible investment i.e. losing money every year. Now silver mimics the production costs. And it is guesswork putting a true dollar price on that. Will silver languish for another 10 years? Maybe even $20 because all the things you write about from government debt, to bubble after bubble has had no effect on silver. What now is the truth. Even you must now see that Cloud, Morgan and the like are phony baloney hucksters.

    • Joe Lindell,

      I don’t blame you for making such a shortsighted and shallow comment because you mistake DEBTS for ASSETS. However, I am quite surprised that you as a supposedly wiser older person, continue to make such silly comments.

      But, maybe there is hope for you yet.

      steve

      • DisappearingCulture | June 26, 2018 at 10:12 am | Reply

        “Steve. When I first started, about 8 years ago, you were a big silver bull.”
        For the record Steve, you were not blogging 8 years ago, right? When did you start srsroccoreport.com ?

        • DisappearingCulture,

          LOL… that’s right. I started the blog in May 2013. But, my Mom said I was trading silver futures when I was 3 years old. So, maybe that might be what Joe was referring.

          steve

    • Joe: if you are younger than 80 you have a big chance to see the fiat fraud collapse. If you are older than 80 what are you doing here trolling and driving good people insane?, take advantage of what little you have left of life.

      • I’m 61. I’m pretty sure I’ll see another silver boom. In the 1990’s we (coin guys) started wondering if silver would ever budge off of 4-5 bucks. It didn’t much until around 2005. Let me tell you, when it happens -it’s sweet. People will buy anything when the monkey see, monkey do PM fever hit’s the general public. All those 15 years of accumulating nice coins paid off (finally), the better date and grade coins paid tremendous premiums over already zooming bullion prices. I saw it twice in 1980 and 2005-2011. I don’t know why the cycles are so far apart. This next time should be a doozy with all the paper debt and Asia buying.

  8. Harvey Organ does a great job of identifying the delivery demands placed on the COMEX and then diverted to London (LBMA). The amounts are many times all the silver and gold mined in a year. No way they can be delivered. You are noting the physical increase to U.K. (London). Is this not just a band-aid for the demand that far exceeds any possible ability to deliver? This is already a failure to deliver. With the increase in selling of “paper” (promise of delivery which does not exist) to knock down the price will only increase the EFP demand sent to London. When do people start to make noise about not getting the gold they are demanding?

  9. It doesn’t matter where the physical gold goes or doesn’t go. In fact, the big buyers like lower prices.

    I repeat, for you guys like Steve and Paco who have trouble following basic logic. The big buyers LIKE lower prices, and so are perfectly content with the gold manipulation.

    There’s nothing to cause your little stack to increase in value. Look at the gold and silver prices right now to confirm this reality.

  10. They must be clearing out Fort Knox to make room to stack more paper. They keep a few gold bars around for paper weights, but that’s all. The US is drunken euphoric on paper. When the dollar hits 95 it’s party time in Congress to pass another tax break bill. The Dems and GOP agree on this subject.

  11. Since 2013 the “experts” forgot about simple math
    TPTB + Infinite Fiat = Control

    I figured it out but the “experts” didn’t, why?

    Answer: They were selling AU + AG products / they are not going to go against their own business model.

    On the other hand, my business model was to make money and not go bankrupt.

    So, even thought I recognized the value of physical AU + AG and kept my stack, I decided to dump ALL the AU + AG derivative paper products and invest in other assets where the liquidity was flowing.

    Bottom Line: If someone is selling something, you can bet your bottom dollar they won’t find a fault in it.
    Don’t listen to “experts” / listen to your own intuition…..

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