US Exports of Gold Reached 32 Tons in September 2019


In September last year, the United States has exported 32 tons of gold to other countries, thus recording the highest figure for the past 11 months.

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According to the US Geological Service (USGS), the highest amount of gold since October 2018 was exported in September 2019 (32.1 tons). It's 2.5% more than the amount recorded in August, though 47% lower when compared to September 2018.

Most of the exported gold (20.3 tons in processed form) was sent to the UK. The reason is that most gold-backed ETFs operate out of London. Switzerland received 6.4 tons from the US, with 90% of it unprocessed. Swiss affinage plants are known for their high quality, so many countries send their gold to be refined in Switzerland.

As for gold imports into the US, they amounted to 15.3 tons in September – this is 32% less than in August 2019 but 3% more than in September 2018. Most of the imports came from Mexico (4.99 tons unrefined gold), with Switzerland coming second (2.84 tons) and Canada third (2.19 tons of unrefined gold). Therefore, net gold exports reached 16.8 tons in September 2019 – a whopping 93% more than in the preceding months.

A few decades ago, the US and South Africa were the world's largest gold manufacturers. In the last few years, gold mining in these countries reduced significantly. Australia became the global leader in 2004, but in 2007, China took over the leadership spot from South Africa. It has since remained the world’s largest gold miner.

In the same 2007, the US fell to number 4 in the rating. In 2013, Russia rose rapidly, thus reaching the third spot, where it stayed for many years. Russia is now so close to Australia that it could easily displace it from the second spot.

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04.02.2020 08:10
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