first majestic silver

US Exports Nearly All Gold Mine Supply To Hong Kong

Independent Researcher & Precious Metal Analyst
April 27, 2018

The U.S. gold exports to Hong Kong surged in February consuming nearly all of the domestic gold mine supply.  According to the USGS recent Gold Mineral Industry Survey, February gold exports to Hong Kong more than doubled compared to the prior month.  This was an interesting increase in gold demand from Hong Kong as the market price increased slightly month over month.

Not only did gold exports to Hong Kong jump, but total U.S. gold exports also increased 40% from 36.1 metric tons (mt) in January to 50.4 mt in February.  The top three countries that received the majority of U.S. gold exports were Hong Kong (15.5 mt), the United Kingdom (12.1 mt) and Switzerland (11.7 mt).

As we can see in the chart below, U.S. gold exports to Hong Kong jumped from 7.2 mt in January to 15.5 mt in February:

Furthermore, total U.S. gold exports to Hong Kong were 25 mt from July 2017 to Jan 2018 compared to 15.5 mt in February.  The large increase in Hong Kong gold demand consumed nearly all of U.S. domestic mine supply:

Total U.S. gold mine supply in February was 15.8 mt versus the 15.5 mt exported to Hong Kong.  The majority of U.S. gold mine supply came from Nevada (11.4 mt) and Alaska (1.9 mt), with the remainder from various states (2.4 mt):

According to the USGS table above, total U.S. gold mine supply for Jan-Feb was 33.7 mt.  If we add up all U.S. gold mine supply and gold imports and subtract total gold exports, the United States suffered a net 16.6 mt deficit for the first two months of the year.

JAN-FEB U.S. Gold Market 2018 Surplus-Deficit:

Gold Mine Supply = 33. 7 mt

Gold Imports = 36.2 Mt

Gold Exports = -86.5

Net Deficit = 16.6 mt

Now that net deficit figure above does not include U.S. gold scrap supply or demand.  However, I would imagine American gold demand was higher than gold scrap supply, so the net deficit is actually even higher.

Regardless, the West’s gold continues to flow to the East.  Even though the U.S. exported nearly 24 mt of gold to the U.K. and Switzerland in February, I would imagine a large percentage of that gold ends up in China, India and Southeast Asia.

Please check out my next video that will show the Top Three Gold Miners Production cost versus the market price and how that compares to the Primary Silver Mining Industry and silver price.  If you haven’t subscribed to my YOUTUBE Channel, please do so to receive updates on my new videos.  You can subscribe here:  SRSrocco Report YouTube Channel.

Check back for new articles and updates at the SRSrocco Report.

Steve St. Angelo

Independent researcher Steve St. Angelo (SRSrocco) started to invest in precious metals in 2002.  Later on in 2008, he began researching areas of the gold and silver market that, curiously, the majority of the precious metal analyst community have left unexplored.  These areas include how energy and the falling EROI – Energy Returned On Invested – stand to impact the mining industry, precious metals, paper assets, and the overall economy. He has written scholarly articles in some of the top precious metals and financial websites. Visit his website SRSrocco Report.


With gold stolen by Conquistador Francisco Pizarro from the Inca Empire in 1532, Spain financed its conquest of Europe.
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