The US is running out of gold reserves

The high price of gold allows US mining companies to spend more money on the precious metal. But despite their powerful implementations, the volume of fossils is not increasing, but rather decreasing.

In no month of 2014, more than 18 tons of the precious metal have been mined from American mines. In addition, the United States is still a major exporter of gold. According to the U.S. government research organization. Geological Survey (USGS), 17.3 tons were produced in May last year - 9.54% less than in 2012. Thus, the downward trend in gold production in the United States continues. From January to May 2014, producers took 85.4 tons from the ground. Last year in the same period, Americans received a total of 89.2 tons of metal, an increase of 4.4 percent.

The lack of major new discoveries and declining gold grades are the main reasons for the growing decline in gold production in the United States. Moreover, in May, the export of precious metal from the country again exceeded its import. As the results of the USGS show, 26.2 tons of gold were exported from the United States, mainly to Switzerland (12.9 tons) and Hong Kong (6.3 tons). Only 23.7 tons were delivered from abroad. For the entire year 2013, net exports were even 379 tons. In the same period, 692 tons of gold were exported and only 313 were imported. The influencing factors here are cash outflows from the American Exchange Traded Fund and the thirst for gold of wealthy Asians.