Gold News: US Exports Are Higher Than You Think
Today’s gold news sheds new light on the state of the market. We talk a lot about gold reserves – which country has how much, who’s added the most lately. Now let’s look at net gold exports – how much gold a country sells outside vs how much they buy from outside sources. And if they produce any gold through mining, that’s a third factor, which is added to imports as a source.
Net all these together and you get a gold trade balance. What’s the bottom line? Hold on to your chair. Since the turn of the new millennium, the US has had a net trade balance of negative 2,105 metric tonnes of gold. Yep, that seems to be the correct figure, if reported numbers are all accurate. And it adds up to more gold exported than the six top countries hold, combined.
You can see the breakdown of figures at today’s featured article. And, if you’re like this Gold Enthusiast, you’ll end up pondering what’s going to happen to US gold prices as the US Dollar’s reserve currency status continues to erode. It’s going to be a tricky question to tackle at some point down the road.
Related: Why Isn’t Gold Going Up? Part IV