That’s not just because the price of gold reached record high prices. In February 2026, the tons of gold exported may have set an all-time record.
The majority of gold exports are going to Switzerland, almost certainly to the refiners there. The second greatest quantity is going to Hong Kong, which is the global destination for gold going to China. The third greatest quantity of exported gold is going to the United Kingdom, where the London Bullion Market Association is the world’s largest gold trading exchange.
The U.S. government is still reporting that its gold reserves are unchanged, so these exports look to be coming from current mine output and recycling operations.
There is no official explanation of why U.S. gold exports have soared in recent months. But here is my speculation.
