With $1 Billion Monthly Surplus, U.S. Gold Trade Shaking Off Wild 2020

With $1 Billion Monthly Surplus, U.S. Gold Trade Shaking Off Wild 2020

U. S. gold imports, shows in ingot form here, went on a wild ride during the initial onset of the ... [+] Covid-19 pandemic in 2020. U. S. gold exports topped imports by more than $1 billion in February, an increasingly rare occurrence, according to the latest government data available. It would seem that American traders in the precious metal who were unnerved by Covid-19 in the spring of 2020 are increasingly confident in the U. S. economy now. But what a ride 2020 was. What was the impact of that $34. 68 billion import total in 2020? It led to the first trade deficit in gold trade since 2003, a year when gold imports topped exports by $227. 15 million. That is laughable compared to the 2020 deficit, which, at $14. 12 billion, was some 60 times greater. All of that deficit came in just five months, March through July, as the Covid-19 pandemic, confusion and polarization spread. That included the peak month of May, when the United States imported a record $8. 77 billion in gold to meet the demand of U. S. buyers flocking to the safety gold offers. The deficit that month alone was $7. 35