U.S. GOLD EXPORTS IN 2014: Surged During Price Take-downs
Ironically, the United States continues to export a great deal of gold because the majority of its citizens have no use for it. Unfortunately, Americans view gold as something to wear on special occasions, rather than a retirement asset or insurance for the upcoming financial calamity. Chalk one up for the clowns at the Federal Reserve. While Americans were figuring out how to finance a new car, boat or recreational vehicle in 2014, the Chinese and Asians were buying gold hand over fist. What a difference in buying habits, aye? As Americans used increasing amounts of debt to purchase more crap they didn’t need, folks in the East were paying cash for West’s barbarous relic… gold.
How much gold did the United States fork out in 2014? Well, not as much as 2013, but it still turned out to be a great deal, especially during price take-downs. If we look at the chart below, we can see a direct correlation between falling prices and increased U.S. gold exports.
U.S. gold exports started off with a bang in 2014 as the price of gold fell to the $1,200 range in January as investors took advantage of a $200 price cut since its high of $1,416 in September. Of the 81 metric tons of gold exported in January, Hong Kong received 57 mt of the total.