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Record U.S. gold exports feeding wealthy Asians' demand - Wealth Management

February 14,2013


$4 billion in nonmonetary metal shipped out in December

Record U.S. gold exports feeding wealthy Asians' demand - Wealth Management

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Booming demand for gold as a store of wealth among Asian investors is driving physical gold bars and coins out of the United States and into Asia.

A growing number of gold vaults for affluent Asians and new precious metals investment products, particularly exchange-traded funds, have led to an exodus of gold owned privately from the United States into emerging economic powers such as China.

On Friday, Commerce Department data showed U.S. exports of nonmonetary gold, which excludes central bank transactions, soared by 43 percent to $4 billion in December from the previous month.

That's the highest total and the biggest month-on-month jump in U.S. private gold exports since September 2011, when gold rallied to a record high over $1,920 an ounce. ...



Hong Kong accounted for around $2 billion, or half of the nonmonetary gold exports for the month.



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