The Drain Continues: U.S. Exports More Gold To Hong Kong Than It Produces
Submitted by Steve St. Angelo of the SRSRoccoReport.com
THE DRAIN CONTINUES: U.S. Exports More Gold To Hong Kong Than It Produces
As the Federal Reserve continues to prop up the highly leveraged debt based financial industry, the flow of U.S. gold heading East picked up significantly. According to the USGS most recently released survey, Hong Kong received 56% of total U.S. gold bullion exports in September.
Actually, U.S. gold bullion shipments to Hong Kong where so large they exceeded its total domestic mine supply in September:
As we can see, the U.S. exported 19.3 metric tons (mt) of gold bullion to Hong Kong, while its total domestic mine supply was only 18.7 mt. The other top sources of U.S. gold exports were:
- Switzerland = 11.4 mt
- United Kingdom = 6.9 mt
- India = 5.7 mt
- U.A.E = 1 mt
Not all of U.S. gold shipments were in bullion form, some were exported as dore bars. Dore bars are semi-pure gold bars poured at the mines requiring additional refinement. India received 5.6 mt of gold dore bars from the U.S. while Switzerland imported 4.3 mt and the U.A.E, almost one metric ton.
That being said, the U.S. continues to export more gold than it imports or produces from domestic mines. For the first nine months of the year, the U.S. suffered a 24 mt deficit as it exported 380 mt of gold versus 155 mt from its domestic mine supply and 201 mt it received in gold imports:
Not only is the U.S. exported more gold than it produces, Australia is doing the very same thing. Of the 214 mt of gold exported from Australia during the first nine months of the year, China (and Hong Kong) received 136 mt or 64% of the total. Total Australian gold exports went to the following countries:
Australian Gold Exports (Jan-Sep 2015):
- China = 136 mt
- Singapore = 34.7 mt
- India = 15.4
- Thailand = 12.2 mt
- United Kingdom = 6.4 mt
Total Australian gold mine supply during this period was only 205.2 mt (source: Australian Government Resources & Energy Quarterly Report). Even though Australia does import gold, here is another example of a Western country exported 100%+ of its domestic mine supply to the East.
Why is this interesting? Because two of the top four gold producing countries in the world exported the majority of their gold supply. Let’s look at the top four gold producing countries below (wikipedia):
Top 4 Gold Producing Countries 2014:
- China = 450 mt
- Australia = 270 mt
- Russia = 245 mt
- United States = 211 mt
We know that all of China’s gold mine supply stays in the country, so does the majority of Russia’s. However, Australia and the United States exports the majority of their domestic mine supply. Which means, the East continues to trade worthless fiat money or U.S. Treasuries for gold while the West manufactures more paper derivatives and debt.
Unfortunately, this is not a sustainable financial or economic business model for the West. While precious metal investors are frustrated by the low paper price of gold and silver, there is light at the end of the tunnel. I explain this in a recent interview with Crush The Street. If you have not watched the interview below, I highly recommend it:
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Thank God we still have all that paper gold! /s
Those guys in Oregon should’ve occupied the Fort Knox vault. ;-)
Looney
I'm sure they'd have been dead before breaching it though :p Some secrets are best kept a secret.
No way Looney, one small spark could destroy the complete inventory
excellent post
An EMP would instantly wipe out 90% of u.s. gold holdings.
and a convential nuclear blast could radiate the rest... in fact the only other draw back to gold that i have found other than weight is the fact that it can become a source of radiation after it has absorbed enough.... let the down votes begin, but i just hope for you zh'ers stacking that you are using thick iron safes to contain it when you lose it in your frequent boating mishaps....
WTF does mt stand for, oh metric tons maybe
Here's a "secret"; well, not really...whatever the Chinese "hoard", eventually turns to shit....
>Oil
>Rare Earth Metals
>Copper
>Coal
>Iron ore
>Chinese Real-estate
All turned to shit...
What's the new "hoard" mentality in China?
Gold, Dollars, and Foreign Real-estate.
Ride the bull, but know that eventually, if you don't jump and run first, that it will toss you and smash your face into the ground...then step on you and crack your skull...
Yeah life is a lot like a Buggs Bunny cartoon.
Elmer is always huntin wabbits but in reality he's an idiot.
There are a lot of very intelligent people running China but their mistake is their own hubris in thinking they are the shark at the table.
First law of poker if you can't spot the fish at the table, it's you. I really believe all the rumors of how smart and wonderful China is and how it will rule everything are eerily just like Japan and it's "unstoppable miracle of efficiency" em no, not so much.
It boils down to a few things long term.
Airable land, educated population, natural resources, defensible positions.
Asia is a hotbed of over crowded humans with resource limitations. They can't eat gold.
But you can make nice neaklace.
What you no like jew-ery?
You can't eat gold but that also applies to federal reserve notes. The issue is how much food will your notes get in the future compared to gold? Thats a no brainer.
@FireBrander : You could include any large commodity producer in that list. Brazil, Argentina, Venezuela, Mexico, Canada, Russia, etc.
Gold is still hovering above its 2008 highs before the previous market crash. Can't say that about those other commodities. Oil hit upwards of $120 in 2008 before the crash and today it's at $37.
Correct. There is no gold at Fort Knox; only a few cannisters of VX, and anyone who gets near it gets melted. Not an urban legend
The only fucking gold mine in the United States is NOT the Barrack mine in Nevada. It's the mine underneath 33 Liberty Street and it is almost gone. Almost makes me glad that Jamie Dimon has health issues.
This should go well. At least each ounce of physical can count as 300 ounces, right?
Hell the way they rehypothecate the stuff, I must have 30 tons by now....all off the back of the pickup truck when Punjab hit some RR tracks. I think I will fire him and hire his cousin, Hanumathu.
If you own a lot of gold, just buy more. If you own no gold, just buy more.
Who said trade was dead?
With the magical trade of exporting more than is produced...obviously. So what exactly are they trading more of if it's not gold they are trading?
(cough...theres no gold, it's all bullshit...cough)
Actually the extra gold comes from scrap recovery. Sales of old jewellery and other gold items from the public has increased lately as people struggle to make ends meet.
The article only focuses on one month.
As long as there are fools who entrust their gold to the USA for safekeeping, there will always be enough gold to export regardless of production.
who gives a hoot about gold when all that matters is the productivity of the people. That is what should be of concern.
@ jasonT
That statement shows you don't understand what "real money" is and it's role in a real economy.
What crazy pills have you been taking?
Like all those newly retired 20 and 24 year old's? productivity LMAO. The so called productivity was shipped offshore a long time ago Jr.
more likely the gold went to IRAN..via turkey dubai cia front co's
And what should those productive people get in return for their hard work- Freshly printed paper?
Productivity is measured in Tax Revenue units, also known as GDP units which have become worthless fiat units. The confiscation drains the real econmomic values of the laborers, except for those fortunate enough to know about PM units.
LOL - do you REALLY think the miners are reporting all the gold they are producing? Ha ha ha, too funny.
What would you do if you panned out or mined 500 ounces of gold in Alaska? Report it all and have .gov take it's fair share of 200 ounces leaving you with just 300 ounces?
Oh, you would? I have a bridge to sell you, along with some sunny land in the Everglades, contact me for info.
Ah, I see someone downvoted me. Expecting a call soon from a very niave person.
Are you the guy stealing the indian artifacts near bishop? Anyways I upvoted.
Do you really believe government numbers that say that is all the gold we exported?
Good point. They're also lying about all of the futures the NY Fed is unloading on the NYMEX before the break of dawn. The United States does not own a single fucking ounce of gold.
For the dollar to remain the Reserve it has to run TRADE defecits and export work to China.
For China its the other way round : they have to protect their outsourced labour market to AVOID social unrest.
CHina needs to devalue the Yuan to stay competitive. It cannot become the lead Reserve currency overnight. The role of HOME of new Reserve is not for tomorrow. It'll take decades for China/Yuan to replace the US as Reserve system.
So don't expect the Chinese, inspite of their huge USD reserves, to pull the rug from under the USD reserve status run by the three headed FED/ECB/IMF Cerberus for the benefit of the US multinationals, who are pardners in "Outsourcing to China Factory " world order !
We are in tipping times but China is far from ready!
"Phobiaphobiaphobia" .... FDR's dreaded fear of fear itself ?
no worries, those are just tungsten.... sssshhhhhh... don't tell anyone...
SGE withdrawels are yuge! Keep pumping.
Banks in Aus require large amounts of "forward selling production" through bank channels before approving any project or M&A finance. And, miraculously, there have been quite a few over over the last 2 years.
Doubled up
Caught 3 ozzies yesterday
Gold Bitchez....I pick up pennies
ag prices still trending down - may have to snatch some up once I get a swag on tax bill...
Gold down the drain = Country down the drain
Strange with this going on that Gold continues to drift lower. Think there is a little fraud and manipulation involed? I do!
I said it before..at some point the east will own all of the gold...they think for generations...we think in nano seconds for investing...HFTs dont make gold....just fiat...
Scanning this article I just went through the full emotional cycle of death: Anger, Denial, Bargaining, Depression, Acceptance.
Anger: Damn TPTB for allowing US to export oil and gold
Denial: No. My government can't be that near-sighted
Bargaining: I'm writing my Congressman to stop this now
Depression: We're doomed
Acceptance: We're fucked
https://www.youtube.com/watch?v=OiolD2tG-aY
You fuck me, Fuck You!
Tons of counterfeit paper gold (naked shorts) being dumped on the market at the moment.
Of course, no one would complain if billions of dollars of counterfeit shares of Apple were being dumped.
own gold bullion any way you can... it no longer matters how you get your hands on it or at what paper price because plus or minus 10% in fiat will mean diddley squat when the fiat train derails
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