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U.S. IMPORTS OF GOLD INCREASED 643.98 PERCENT THROUGH MAY TO $19.96 BILLION

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#1 [Permalink] Posted on 8th July 2020 00:27
Salaam. Came across this earlier today.

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U.S. IMPORTS OF GOLD INCREASED 643.98 PERCENT THROUGH MAY TO $19.96 BILLION

U.S. imports of Gold increased 643.98 percent from $2.68 billion to $19.96 billion through the first five months of 2020 when compared to the same period the previous year, according to WorldCity analysis of the latest U.S. Census Bureau data.

www.ustradenumbers.com/import/Gold/
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#2 [Permalink] Posted on 8th July 2020 00:35
Last 5 years.


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#3 [Permalink] Posted on 8th July 2020 11:10
I can't help, but think that the world is going under some sort of major transformation.
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#4 [Permalink] Posted on 8th July 2020 11:31
Import of gold by China and India is down so america is just stockpiling for now
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#5 [Permalink] Posted on 8th July 2020 11:35
India’s gold imports plunged 86% year-on-year in June due to record high prices, international air travel being banned and many jewellery shops remaining shut amid a nationwide lockdown to curb the spread of COVID-19, a government source said.
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#6 [Permalink] Posted on 8th July 2020 12:42
Rajab wrote:
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They went from a median of around 1 billion per year in the last 5 years and jumped to 9 billion just in the first half of 2020. Remains to be seen if that increases during the duration of the rest of the year.

Is there any precedent to this?
Why would they need to stockpile gold when their currency and the world currency is no longer backed by gold?
Why would they need to do this when the world trades in US dollars anyway?

It seems like pre-emptive behaviour to me.

In other news it seems that China and possibly other countries are fabricating fake gold to use as collateral to secure huge monetary loans.

www.google.com/search?q=fake+gold+collareral&oq=fak&a...
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#7 [Permalink] Posted on 8th July 2020 13:34
Rajab wrote:
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Why would US increase gold import based on the decrease in China and India imports? Has this move by China and India decreased the price of gold?
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#8 [Permalink] Posted on 8th July 2020 13:57
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#9 [Permalink] Posted on 8th July 2020 15:14
Rajab wrote:
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It's the highest it's ever been since 1970.

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