In recent months, U.S. exports of gold have climbed to levels not seen in several years. Year-to-date, U.S. gold exports have reached over $12 billion and are up 67% from last year and over 135% from 2010. The graph below illustrates the significant increase for 2012 compared with recent years. A key question on our mind is: where’s all this gold headed?


Using Zepol’s TradeView™, we find that in past years, the top importers of U.S. gold have included the United Kingdom, Hong Kong, and India. While those countries have seen a steady increase in gold imports for 2012, there’s one country that has significantly impacted the upward trend. Switzerland, in particular, reached the top of our list so far for 2012 and has increased gold imports from the United States by over 200% this year compared with last year. Below are the top ten countries importing gold from the United States for 2012. If exports continue at the current pace, we may reach a record-high year for U.S. gold exports.


Note: Data is based on HS Code: 7108 - Gold (including Gold Plated With Platinum), Unwrought Or In Semimanufactured Forms, Or In Powder Form