U.S. Total Gold Exports Up 31% In October 2013

Total U.S. gold exports picked up substantially in October after a low was hit in September at 37.6 metric tons.  As the price of gold declined from $1,400 at the beginning of September to a low of $1,250 in October, gold exports increased to Hong Kong & Switzerland.

According to the USGS Gold Mineral Industry Survey, total gold exports from the U.S. to Hong Kong increased from 12.2 metric tons (mt) in September to 17.8 mt in October.  Furthermore, Switzerland had the largest increase as it imported 23.7 mt in October compared to 13.9 mt in September.

If we look at the chart below, we can see that total U.S. gold exports increased 31% from 37.6 mt in September to 49.4 mt in October:

2013 Total U.S. Gold Exports Jan-Oct

Even though total gold exports from the U.S. has been lower in the latter part of the year, it will still turn out to be a record for 2013.  Total gold exports include refined bullion, Dore’ & precipitates and ores & concentrates.

The table below represents the total U.S. Gold bullion only:

Total US Gold Bullion Exports 2013 Jan-Oct

As we can see, Hong Kong received the most gold bullion from the U.S. at 193.6 mt from Jan-Oct, while Switzerland received 143.5 mt.   Total U.S. gold bullion exports for the first 10 months of the year were 449 mt which accounted for 72% of overall total.

The remaining 28% of gold exports were 167 mt of Dore’ & precipitates and 6 mt of ore’s & concentrates.  The United States imported a great deal more Dore’ & precipitates than refined bullion in 2013.

U.S. Gold Imports 2013 Jan-Oct

Gold Bullion = 78 mt

Dore’ & precipitates = 184 mt

Total = 226 mt

What is interesting to see here is that the U.S. has exported nearly six times more gold bullion than it has imported from Jan-Oct (Exported = 449 mt / Imported = 78 mt).

Lastly, it looks like the supply of U.S. gold scrap exports has fallen substantially in 2013.  In the first ten months of 2013, gold scrap (gross weight) declined 55% at 121 mt compared to 266 mt during the same period last year.

Either the extreme low price of gold has killed the market for gold scrap, or the available sources of gold scrap are starting to run out.

2014 may turn out to be an interesting year for gold.  There are so many inherent weaknesses in the present financial system, that anything could push it over the cliff.

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6 Comments on "U.S. Total Gold Exports Up 31% In October 2013"

  1. Good info…would be great if you could include an annual chart of exports showing how 2013 looks in relation to previous years.

    Thanks for your work

    • Chris,

      Yeah, I plan on putting out a Detailed Report on U.S. Gold Imports, Exports & Scrap. I believe it will be one of my paid reports, but I will put out some of the charts and data in a public article.


  2. The way I see it …

    When China sucks up all the gold from western central banks, China will use their fiat foreign reserve to buy up mining companies with huge discounted share price.

    When China sees there are no more gold left, they see no point having their gold in Comex paper gold price. They will bring up the real gold price.

    In the future, it will be production countries have the say, not consumption countries. If consumer nations want the goods, the medium of exchange will be decided by their sellers.

  3. OutLookingIn | January 18, 2014 at 4:50 pm |

    Yet the New York Fed can’t repatriat this past years full altotment of gold to Germany!

    Anecdotally speaking, a Swiss gold refiner spoke of being swamped by demand and having to employ an extra shift to work around the clock in an attempt to catch up. With the 400oz bars being recast into four nines 1 kilo bars for the eastern market, being stamped from the 1960’s! Since then some of the Swiss gold refineries have been sitting idle because of a lack of gold bullion supply. Sounds like the west has cleaned out the dusty corners of the gold vaults!
    The Swiiss are the worlds largest refiners of gold, by volume.

    Almost all of the four nines gold 1 kilo bars have been shipped to Asian countries, where that sized gold bullion bar is preferred. Versus the 400oz London good delivery bars. With the majority ending up in either Hong Kong or Shanghai and to a lesor extent, Dubai.

  4. Hi Steve,

    Check out this product recently promoted by peak prosperity.

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    • President Ólafur Ragnar Grímsson of Iceland Presented with Commemorative Aurum
      15 April, Washington DC

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