Gold delivered by USA still high

Net gold exporter

The United States delivered more gold abroad than it imported last February. The US net gold imports were 14.2 tons. This corresponds to an increase of 43 percent compared to the previous month and a decrease of 31 percent compared to February 2019.

 

Gold to the UK

According to recent U.S. numbers Geological Survey (USGS) exported 28.7 tons of gold. 19.4 tons went to Great Britain alone in the form of refined gold (gold bars). 3.6 tons were addressed to Switzerland and 3.4 tons to India – this was unprocessed gold.

 

Gold coins from Canada

In February, 14.5 tons of gold came into the country. By far the largest supplier of refined gold was Canada with 2.89 tons. Among other things, the Maple Leaf gold coins are produced there. The major part of American gold imports consisted of raw gold, which comes from Mexico (3.65 t) and Argentina (1.49 t).

 

The background

Large parts of the gold bars tied up in Exchange Traded Funds (ETFs) are stored in Great Britain. If gold ETF demand increases, gold deliveries to London generally also increase. In March and April there was a large gold demand on the US futures market and the supply chains were interrupted in the Corona crisis. The coming USGS foreign trade figures should reflect this development. On March 13, 2020, the first U.S. state (California) issued a curfew.