Posted by Francis Koh on 18 Dec 2014

U.S. Gold Exports Jump 70% In September

This was probably due to increased demand as the price of gold declined $80 during the month. U.S. exports started off very strong in January, reaching 80 mt (metric tons) with the majority heading to Hong Kong.  However, gold exports fell to 47 metric in February and dropped even further in March at 30 mt. If we look at the chart below, U.S. gold exports continue to remain weak from April to August until the spike up in September:

Total U.S. Gold Exports Last 6 Months    Total U.S. Gold Exports Sept 2014     

As we can see, total gold exports for each month were less than 30 mt.  However, when the price of gold fell to a new low, gold exports increased to 50 mt.  The majority of gold exports in September were shipped to Switzerland, the U.K. and Hong Kong. China also received a direct shipment of 3.3 mt of gold while Thailand imported 3 mt, Italy 2.6 mt, Singapore 2 mt, and the UAE 1.5 mt.  What is interesting here is the 2.6 mt of U.S. gold exported to Italy.  Italy has imported gold scrap from the U.S., but not much in the way of gold bullion.

Read More: srsroccoreport.com/u-s-gold-exports-jump-70-in-september/u-s-gold-exports-jump-70-in-september/