It’s no secret that the East (Asians and Indians) continue to acquire a lot of gold as Western demand has weakened this year. According to the most recent data released by the USGS – United States Geological Survey, U. S. gold exports surged during the first four months of the 2017 versus the same period last year.
How much? A great deal. In the first four months of 2017, the U. S. exported a stunning 173 metric tons of gold (5.5 million oz) compared to 119 metric tons (3.8 million oz) during the same period last year. Thus, U. S. gold exports Jan-Apr 2017 surged 45% versus last year.
This is quite a large increase. I would imagine part of the increase is due to the fact that U. S. precious metals retail demand is off considerably ever since Trump was elected President. U. S. Gold Eagle sales are down a whopping 62% 1H 2017 versus the same period last year.
For example, the U. S. Mint sold 501,000 oz of Gold Eagles during the first half of 2016, versus 192,000 oz for the first half of 2017. This is a drop of 309,000 oz.
This post was published at SRSrocco Report on JUNE 30, 2017.
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