The top U.S. export in the last few months has not been oil, or AI, or any other headline-grabbing product, but rather gold. The oldest store of value, export value, has surged, shifting the composition of exports and raising questions about the ultimate destination of the metal.
The surge in exports, arguably, reflects the weakening confidence in traditional financial systems toward the safety of the oldest monetary metal. Investors and institutions, including central banks, increasingly favor physical gold over paper assets, moving large quantities of metal out of American vaults.
Record Export Growth and Price Dynamics
The scale of the movement is historic. In February alone, U.S. gold exports reached $17.88 billion, the highest monthly total recorded in at least two decades and likely the highest ever.
Precious metals accounted for roughly 12.7% of all U.S. exports during the first two months of 2026, nearly triple the historical norm of around 4.5%.
The acceleration has been so sharp that just the first two months of 2026 generated more gold export value than nearly every previous full-year total on record. By February, precious metals had climbed ahead of energy, agriculture, airplanes, and automotive products.
High prices are only part of the …
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