Quick Update/Michael J. Kosares
Now let’s take a look at gold from the same perspective:
In 2015, the United States imported 265 tonnes of gold for consumption. Of that, 41% (109 tonnes) came from Mexico and 19% (50 tonnes) from Canada, or 60% of the total consumption. The United States is in somewhat better shape on gold than silver in terms of domestic availability, i.e., it exports 500 tonnes per year, a somewhat nebulous figure in that it includes outflows from foreign stocks at the New York Federal Reserve. The U.S. produces 200 tonnes per year from domestic mines and holds 8100 tonnes at the Treasury Department. Nevertheless, Mexico and Canada’s imprint on U.S. gold fundamentals is noteworthy.