The gold rush:
US gold imports hit a record $30.4 billion in January, marking a second consecutive month of sharp increases, according to ZeroHedge.
This is DOUBLE the amount seen during the 2020 pandemic.
At the same time, the US trade deficit with Switzerland reached a record $22 billion.
This suggests the majority of imported gold is coming from Swiss vaults.
Physical gold buying is concerningly strong.
$22 billion sounds like a lot, but would move the price by just 0.1%
"The Market Capitalization of Gold is currently arround $19.603 T.
This value was obtained by multiplying the current gold price ($2,919 per ounce) with the world's above ground gold reserves.
The amount of above ground reserves for Gold are estimated to be around 208,874 metric tonnes according to the World Gold Council (End-2021). Note that the estimated above the ground Gold reserves can vary by up to 20% from one source to another.
As a consequence it is safe to say that the the current Market Cap of Gold is between $15.683 T and $23.524 T."
