Gold Exports To London From U.S. Surge 152% In 2018

Gold Exports To London From U.S. Surge 152% In 2018

- U.S. gold exports to UK (primarily) London jumped over 150% from 25.5 metric tons to 64.3 mt in the first four months of 2018 (yoy)
- Largest countries receiving U.S. gold exports are China/ Hong Kong, Switzerland and the UK
- U.S. gold exports to London (UK) alone nearly as much as total U.S. gold production
- Gold flowing from weak hands in West to strong hands in the East

by Steve St. Angelo of SRSrocco

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 more than doubled from January to April, compared to the same period last year (see chart).

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 of 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.

Courtesy of  Steve St. Angelo of SRSrocco

 

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News and Commentary

Chinese Stocks Enter Bear Market as Trade, Growth Risks Increase (Bloomberg.com)

Asia Extends Global Slide, Yen Gains on Trade Spat (Bloomberg.com)

Escalating trade fight weighs on global stocks, boosts Treasuries (Reuters.com)

Gold ETFs headed for weakest month since July 2017, despite trade war jitters (Reuters.com)

Iran bans 1,300 imports as protesters, police clash over currency weakness (Reuters.com)


Source:Bloomberg

U.S. Gold Exports To London Surge (T.co)

If Bitcoin’s Rise Was Bad For Gold, Will Its Fall Be Good? (DollarCollapse.com)

Trump’s Trade Deals Are a Futile Conceit (BonnerAndPartners.com)

Hallmark of an Economic Ponzi Scheme – John Hussman (HussManFunds.com)

Bearish Gold Sentiment Suggests Gold May "Surprise Many On The Upside" (SeekingAlpha.com)

 

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Gold Prices (LBMA AM)

25 Jun: USD 1,269.80, GBP 959.46 & EUR 1,090.25 per ounce
22 Jun: USD 1,269.70, GBP 954.05 & EUR 1,088.26 per ounce
21 Jun: USD 1,263.70, GBP 963.32 & EUR 1,096.51 per ounce
20 Jun: USD 1,273.25, GBP 967.29 & EUR 1,100.60 per ounce
19 Jun: USD 1,279.00, GBP 971.14 & EUR 1,108.89 per ounce
18 Jun: USD 1,281.25, GBP 966.96 & EUR 1,103.93 per ounce
15 Jun: USD 1,300.10, GBP 978.98 & EUR 1,120.04 per ounce

Silver Prices (LBMA)

25 Jun: USD 16.38, GBP 12.35 & EUR 14.05 per ounce
22 Jun: USD 16.43, GBP 12.35 & EUR 14.11 per ounce
21 Jun: USD 16.25, GBP 12.33 & EUR 14.07 per ounce
20 Jun: USD 16.29, GBP 12.38 & EUR 14.09 per ounce
19 Jun: USD 16.36, GBP 12.42 & EUR 14.16 per ounce
18 Jun: USD 16.61, GBP 12.53 & EUR 14.29 per ounce
15 Jun: USD 17.23, GBP 12.96 & EUR 14.86 per ounce


Recent Market Updates

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Comments

Antifaschistische Tue, 06/26/2018 - 09:16 Permalink

I believe there's a bigger story lurking in the weeds...the real nail will be, "who owns the mines."   The South African mines will possibly end up being operating and perhaps owned by the Chinese.  Could happen with some South American mines also.  The Chinese labor can come so cheap that they could mine it...and just not put it on the market...at all.  Pure stockpile move.  Could they do this with a key Canadian mine too?  Then the game is over.

Son of Captain Nemo Tue, 06/26/2018 - 09:30 Permalink

Okay GoldCore.

I'm in "awe" of your numbers.

Now give us a "deep dive" into how the retailers like JM Bullion and APMEX keep the spread between the "ask" price and "bid" price less then 4% as the market continues it's journey "sideways" moving on 3 years with this "massive migration" of PHYZ moving East?... Can't wait to see those numbers.

And while you're at it...

Could you also include a break out of where the Bullion Banks deliver that PM by "client" (largest to smallest)?...

fbazzrea Tue, 06/26/2018 - 12:14 Permalink

why is Trump allowing these b*stards to continue the wholesale liquidation of America's wealth? this paper gold price manipulation will go down in history as the great American Gold Rush for Eastern nations--cheaper than exploration, mining and smelting themselves. wtf????

Americans will wake up one day with worthless fiat dollars, double-digit inflation, a crashed stock market, worthless private and public bonds and wonder what happened as they stand in line for a bowl of rusty nail soup.

unbelievable...

stackin'

fbazzrea Tue, 06/26/2018 - 12:23 Permalink

almost two hours between previous last post and mine. are even ZH readers mindless of the giant sucking sound of American wealth vacuumed clean by the bullion banks happily siphoning off their tribute for enabling the povertization (new word?) of America at the hands of the East?

treasonous

Lie_Detector Tue, 06/26/2018 - 21:45 Permalink

Did not stop the thieves from the latest dump. Even now gold and silver are going straight down. This is getting ridiculous.

Time to have a congressional investigation of the regulatory agencies. If enough people call their reps they may take action.