Gold Exports Surpass $17 Billion in February 2026

The US has seen an unprecedented surge in gold exports, with a record $17.88 billion worth of gold leaving America in February 2026.

This figure is nearly four times larger than any previous February and represents about 15% of the country's total export value, overtaking energy, aircraft, agriculture, cars, and chemicals.

The rise in gold exports has been a steady trend since October 2025, when it first surpassed other major categories like aircraft and crude oil.

Analysts point to two possible explanations for this phenomenon: monetary demand and unwinding tariff arbitrage.

Trey Reik suggests that the surge is due to America's trading partners choosing metal over dollars, which he attributes to gold's remonetization as a reserve and settlement asset.

However, others propose that the premium opened between New York futures and London spot prices after tariffs were feared in late 2024, making shipping metal into US warehouses profitable.

This theory is supported by the fact that most of February's gold exports went to Switzerland and the United Kingdom, where it was likely refined or vaulted rather than used for settlement purposes.