U.S. GOLD MARKET 2012-2014: Suffers Massive Deficits
While the U.S. gold market enjoyed some annual surpluses in previous years, the amount of the gold that left the country since 2012 was quite remarkable. In order to calculate a surplus or deficit in the U.S. gold market, we have to include the following data:
Total Supply = Imports + Mine Supply + Recycled Scrap
Total Demand = Exports + Consumption
By inputting this data over the past three years, we have the following chart:
From 2012 to 2014 the U.S. imported 955 metric tons (mt) of gold, had mine production of 677 mt, and recycled 335 of scrap for a total of 1,967 mt of supply. In contrast, total demand was significantly higher including 1,883 mt of gold exports and 530 mt of consumption for a grand total of 2,413 mt.