Daily Market Update

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)

 

Listen on SoundCloud , Blubrry & iTunesWatch on YouTube below

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


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Mark O'Byrne
Executive Director

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