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So, for 2007 and 2008 combined, the U.S. exported 22 million ounces of refined gold and over 154 million ounces of "compound gold." This is more than 11 times U.S. gold mine production during those two years. In fact, this is higher than global gold mine output. Where did all this gold come from?
This amount of gold exceeds what is held by all private parties in the U.S. combined. When the U.S. government called in gold in 1933, it then melted down the coins without refining. As a result, such bars from the coin melt would have a purity of around 90 percent gold. These would not qualify for description as refined gold, but could fit the definition of compound gold.
t is possible that some of these gold exports could be the repatriation of foreign central bank gold that had been stored with the New York Federal Reserve. Such transfers would be classified as "exports" for purposes of this report. The other possibility is that it could be gold formerly held by the only central bank in the world that had that much gold - the United States. Wherever this gold came from, it is bad news for the U.S. government. If foreign central banks are pulling their gold reserves out of storage in the U.S., that signals lost faith in U.S. financial strength, which the U.S. government would not want the general public to learn about. If the U.S. government has actually been exporting its own gold, while still trying to pretend that the quantity in its vaults is unchanged, confirmation of such exports would clobber faith in both the U.S. government and the dollar.