Global Gold Trade Leaders in 2024
In 2024, Switzerland ($116 billion), the United Kingdom ($66 billion), Hong Kong ($57 billion), and the United Arab Emirates ($53 billion) emerged as the world’s top gold exporters. These same economies also featured prominently among the top gold importers: Switzerland ($105 billion), the UK ($77 billion), Hong Kong ($65 billion), and the UAE ($77 billion). Meanwhile, China ($103 billion) and India ($52 billion) ranked as major gold importers but exported far less—$90 billion for China and $1 billion for India—making them the world’s largest net gold importers. Source: Econovis @econovisuals
This is not a drill: Gold goes vertical
SOurce: zerohedge, Bloomberg
The big crocodile jaw...
Gold versus paper assets
Physical gold craziness...
The big 3 vaults (Brinks, JPM, HSBC), are running out of space where to store the physical; the 3 alone hold more than 35 million oz of physical.
On April 1, the GDPNow model nowcast of real GDP growth in Q1 2025 is -3.7%.
Adjusting for gold imports, the model now sees -1.4% GDP contraction in Q1 2025. Just 2 months ago, they saw GDO growing by +3.8% in the same period...
‼️Gold shipments to the US are SKYROCKETING:
Swiss gold exports to the US hit a record 404 metric tons over the last 3 months. Gold stockpiles on the Comex hit a record 42.6 million ounces on Tuesday, almost DOUBLE the inventory at the end of 2024. Rush for gold is real. Source: Global Markets Investor
I think I already found my chart of the week...
The black line shows Total known Gold ETF Holdings while the brown line represents the Gold spot price. The ETF crew has finally woken up, but paper gold has a long way to go to catch up to physical buyers, who after the 2022 weaponization of the dollar are mostly central banks. Source: zerohedge
How Top Economies Stack Their Reserves...
Gold account for 75% of US reserves, the largest share among major economies. China holds the world's biggest reserves - but only 5.5% is gold... Source: Brad Moseley
