$4 billion in nonmonetary metal shipped out in December
Booming demand for gold
as a store of wealth among Asian investors is driving physical gold bars
out of the United States and into Asia.
A growing number of gold
vaults for affluent Asians and new precious metals
investment products, particularly exchange-traded funds, have led to an exodus of gold
owned privately from the United States into emerging economic powers such as China.
On Friday, Commerce Department data showed U.S. exports of nonmonetary gold
, which excludes central bank transactions, soared by 43 percent to $4 billion in December from the previous month.
That's the highest total and the biggest month-on-month jump in U.S. private gold
exports since September 2011, when gold
rallied to a record high over $1,920 an ounce. ...
Hong Kong accounted for around $2 billion, or half of the nonmonetary gold
exports for the month. Read Article