U.S. May Be Settling China Trades in Gold
Gold Becomes America’s Top Export
“It would appear the USA has replaced the LBMA as a physical hub for precious metals destined for the far east”
U.S. May Be Settling China Trade Deals in Gold
Contents
Gold Warping the Trade Data
A Reuters Signal: New U.S.–China Trade Channels
Gold Becomes America’s Top Export
The Missing Context: The 2025 Gold Import Surge
From Vault Build to Bullion Outflows
Trade Deficits and the Hidden Settlement Layer
Bullion Banks Bridge Dollar Imbalances
China Wants The Gold
Why Gold Shows Up in Trade Data
A De Facto Adjustment Mechanism
Gold Returns to Trade Settlement
Gold Warping the Trade Data
This week, in a report by Wells Fargo (Report1) it was noted pointedly that recent U.S. trade data has been “whipsawed” by the movement of non-monetary gold. The economists emphasized that bullion flows are distorting the headline numbers.
In January, gold wasn't the sole thing driving exports $14.6 billion higher. Other precious metals rose a similar amount as gold, up just over $4 billion last month. Together these two components account for nearly 60% of the export gain.