Did U.S. Export Over 175 Million Ounces of Gold?

Video Extrodinair` Number of posts : 314

June 2nd, 2009

From Patrick Heller writing for Numismaster.com

So, for 2007 and 2008 combined, the U.S. exported 22 million ounces of refined gold and over 154 million ounces of “compound gold.” This is more than 11 times U.S. gold mine production during those two years. In fact, this is higher than global gold mine output. Where did all this gold come from?

This amount of gold exceeds what is held by all private parties in the U.S. combined. When the U.S. government called in gold in 1933, it then melted down the coins without refining. As a result, such bars from the coin melt would have a purity of around 90 percent gold. These would not qualify for description as refined gold, but could fit the definition of compound gold.

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