by Steve St. Angelo, SRS Rocco Report:
Since 2011, The United States exported the majority of its gold to only four countries. In the past five years, the U.S. exported a total of 1,961 metric tons (mt) of gold to these four countries which accounted for 68% of the total 2,876 mt.
As we can see in the chart, the top four received 1,961 mt or 63 million oz (Moz), of the total 2,876 mt (92.4 Moz). That’s a lot of gold. How much gold is this? Well, if we go by the official estimates of Central Bank gold reserves, it’s quite a lot:
The United States exported more gold in the past five years to rank it third in the official gold Central Bank holdings. While there is no way of knowing if some of these Central Banks hold all the gold they report or if others hold a great deal more than they report, this comparison shows just how much gold the U.S. exported from 2011 to 2015.
Hong Kong & China received the most at 738 mt (23.7 Moz), followed by Switzerland at 588 mt (18.9 Moz), the U.K. at 503 mt (16.2 Moz) and lastly India at 132 mt (4.2 Moz). Furthermore, I would imagine the majority of U.S. gold exported to Switzerland and the U.K. were probably recasted into kilogram bars and shipped to the East.
This reminds me when Lyndon Johnson signed the Coinage Act in 1965. Once the Coinage Act went into force, the public removed the majority of silver coinage from circulation in a very short period of time. The same thing is happening with gold.
While the West prints money or digits to allow the U.S. Dollar based fiat monetary system to continue, the West’s gold heads east. Basically, the famous saying:
BAD MONEY DRIVES OUT GOOD…..
I will be soon releasing a new BULLET REPORT on the Gold Market. It provides charts and data on how the recent flows are setting up the Gold Market for a big move in the future.
Please follow SGT Report on Twitter & help share the message.