Imports pale in comparison to 424 tonnes shipped out of country, says Steve St. Angelo
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 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.
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