How Much Nonmonetary Gold Does the US Import and Export Each Quarter?
Let's discuss gold imports and exports, trade data, and the impact on GDP.
Source: Mish Talk
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DW NOTE
The US runs a persistent net deficit in nonmonetary gold—importing more than it exports every quarter. That flow matters for GDP accounting, but it tells you nothing about monetary demand. Official gold reserves don't move through customs; they're already vaulted. What crosses borders is jewellery, electronics feedstock, and speculative bar hoarding. With gold off 21% from its recent high while the Hormuz closure grinds on, the import bill is shrinking in dollar terms even if volume holds steady.