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Soren K. Group
Most Americans didn’t realize it, but something BIG changed in the U.S. gold market in the beginning of 2017. While precious metals sentiment and buying in the U.S. has dropped off considerably in the first quarter of 2017, the East continues to acquire gold, HAND OVER FIST.
Total U.S. gold exports JAN-FEB 2017 surged to 101 metric tons (mt), compared to 56.5 mt last year. This is quite interesting because total U.S. gold mine supply plus gold imports for JAN-FEB 2017 only equaled 80 mt. Thus, the U.S. suffered a 21 mt gold supply deficit in the first two months of the year. Which means, someone had to liquidate an additional 21 mt of gold from their vaults to export to the East….. where they still understand the vital role of gold as REAL MONEY.
And where did the majority of U.S. gold exports head to? You got it….. Hong Kong-China & India:
originally posted by: Tardacus
The U.S. doesn`t need gold because the dollar isn`t backed by gold,
maybe the U.S. is stockpiling something more valuable than gold, after all gold is just a shiny yellow rock you can`t really do anything with it.you can`t eat it, you can`t refine it and use it as fuel.
about the only thing you can do with it is make jewelry and gold coins with it, but the world can survive just fine without gold coins and jewelry.
"The US still has by far the world's largest reserve of gold. "
"Mystery" Central Bank Buyer Revealed, Goes On Q1 Buying Spree
What it showed is that, as rumored, the Swiss National Bank had gone on a record buying spree in the first quarter, boosting its total equity holdings to an all time high $80.4 billion, up $17 billion from the $63.4 billion at the end of 2016, the biggest quarterly increase in "AUM" in history.