94Ha Viewpoint
The latest data from the World Gold Council shows that since December last year, the United States has shipped more than 600 tons of gold from other countries into U.S. vaults.
John Reed, Asia and Europe market strategist at the World Gold Council, told CNBC on February 27 that these golds are not usually stored in New York vaults, “They are only stored there when something extraordinary is about to happen.”
CNBC reported that the possibility of the U.S. government raising tariffs on gold imports has prompted U.S. financial institutions and investors to buy a lot of gold.
Nikki Hills, head of metal strategy at Swiss MKS Precious Metals Art Products Group, said that as the United States wields the tariff stick against multiple countries, the market is worried that the United Kingdom and Switzerland may become the next target. Both countries are important exporters of physical gold.
Data provided by the London Bullion Market Association in the United Kingdom showed that gold reserves in London vaults fell for the third consecutive month in January, down 1.7% from December last year. At the same time, Swiss customs data showed that Switzerland’s gold exports to the United States in January hit a record high in at least 13 years. In addition, Nicholas Cavallis, general manager of British Metal Focus, said that Singapore’s recent gold exports to the United States have also exceeded usual.
Kavalis said investors are worried that the United States will impose tariffs on all imported goods, “which may affect gold.”
Data provided by the U.S. Geological Survey shows that the United States produced about 160 tons of gold last year, down from 170 tons in 2023.
According to the World Gold Council, the United States has 8,133.46 tons of gold reserves, the highest in the world, more than twice that of Germany. According to data from the U.S. Treasury Department, there are more than 4,572 tons of gold in the Fort Knox vault in Kentucky.
Elon Musk, head of the U.S. government’s efficiency department, posted on social media on February 17: “Who can be sure that the gold in the Fort Knox vault has not been stolen? Maybe the gold is there, maybe not. The gold belongs to the American public! We want to know if the gold is still there.”
U.S. President Donald Trump said on the 19th: “We will go to Fort Knox, the legendary Fort Knox, to make sure the gold is still there. If the gold is not there, we will be very frustrated.”
A day later, Musk said that he would check the gold in the Fort Knox vault.
