Gold is now the top U.S. export

Gold has become the leading U.S. export, surpassing other high-value categories such as oil, pharmaceuticals, and aircraft parts. This shift began in October 2025, with gold exports consistently outpacing others, and may have even set a new record in February 2026. The majority of these gold shipments are destined for Switzerland, likely intended for local refineries, while Hong Kong and the United Kingdom are the second and third largest destinations, respectively.

The U.S. government maintains that its gold reserves remain unchanged, suggesting the exported gold originates from recent mining output and recycling efforts.

While no official explanation exists for the surge in U.S. gold exports, speculation suggests these transactions may involve China, often requiring a detour through Swiss refineries to ensure the gold meets purity standards. It is possible that U.S. authorities have agreed to this arrangement as part of broader political concessions in response to global uncertainties.

In the previous column, a numismatic trivia question asked why the Coinage Act of 1834 reduced the gold content in U.S. coins. The question posed that this decision came after the gold-to-silver ratio increased significantly, leading to the melting down of pre-1834 gold coins that were worth more than their face value. The Act reduced the gold content in U.S. coins to match their face value in relation to the international market price of gold.

Next week, a new trivia question will be posed regarding U.S. denominations issued both in coin and currency form.