Over the span of 22 years, the total amount of gold that the US has exported -- above and beyond its supply capability -- is almost 4,500 tonnes! A truly stunning figure.

... [additionally,] strong demand in ETPs such as GLD and PHYS and demand for gold coins provide strong evidence that the private investor has been a net buyer over the years. The inclusion of the private investor on the demand side would in fact skew the `gap' of 4,500 tonnes higher to a figure that would lie somewhere between 4,500 tonnes and 11,200 tonnes, which represents the gross exports out of the US. The only US seller that would be capable of supplying such an astonishing amount of gold is the US Government

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