Gold consumption in the U.S.
In 2015, the United States reportedly consumed 150 metric tons of gold. Around 265 metric tons of gold was imported into the United States for consumption with most of this coming from Mexico – more than 40 percent. Other major countries as a source of imports into the U.S. included Canada, Colombia and Peru. Interestingly, the United States recycled some 140 metric tons of new and old scrap gold in 2015 – almost as high as the reported consumption. However, the U.S. is not the largest gold consumer in the world. China, India and Europe are the top gold consumers globally.
Gold is one of the most precious and coveted elements on Earth. It is relatively rare, which contributes greatly to the element’s value. Demand for gold has increased constantly over the last decade. This, on the other hand, has influenced the price of gold on the global market and the price of gold is an important marker for the global economy. With approximately 8,100 metric tons, the United States is the largest gold holding country worldwide.
Global gold reserves are estimated to be around 56 thousand metric tons. Australia, South Africa and Russia are the countries with the largest reserves. The world’s leading producer of gold is China, followed by Australia, Russia, and the United States.