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U.S. Suffers Huge Gold Deficit As Record Amounts Are Exported To Switzerland, London & Hong Kong
By SRSrocco
In a stunning development over the first seven months of the year, the United States has run up a huge gold deficit as it has exported a record 424 metric tonnes of gold. This is indeed a significant amount when we find that the U.S. exported a total of 488 metric tonnes for the entire year in 2011.
According to the USGS July Gold Mineral Industry Survey, the U.S . only imported 188 metric tonnes of gold between Jan-Jul, but exported 424 metric tonnes leaving a huge shortfall. Some of this deficit was made up by the U.S. domestic gold mine supply.
However, if we add up all the domestic gold mine supply plus the gold imports in the first seven months of 2012, the United States still ran a large 102 metric tonne gold account deficit.
The United States is exporting a record amount of gold and the majority of it is being sent to Switzerland, London and Hong Kong. These large U.S. gold exports are likely being used to try and fill the insatiable demand for PHYSICAL GOLD by the Eastern buyers.
The U.S. produced 134 metric tonnes of gold between January & July of 2012:
NOTE: the figures are shown in kg. or kilograms. We convert them to metric tonnes (MT) by dividing by 1,000.
As we can see from the table above (source USGS), of the total 134 metric tonnes of gold produced in the country, Nevada supplied 102 metric tonnes or 76% of the overall amount. Alaska was second by producing 14.8 metric tonnes or 11% of the U.S. production.
If we add all the U.S. gold mine supply between Jan-Jul (134 MT), plus all the gold imports (188 MT) we get total of 322 metric tonnes. However, the United States exported 424 metric tonnes of gold during the same period leaving a huge 102 metric tonne deficit:
