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U.S. non-monetary gold was the largest export in February, according to Luke Gromen. He adds that gold has led U.S. exports in four of the last five months, ranking second in the fifth month.
Gromen suggests that former President Donald Trump is partially settling U.S. trade deficits using gold, effectively treating it as payment. He emphasizes this development is not negative for gold prices.
Gromen has previously examined the performance of the 10-year U.S. Treasury yield against oil prices following Secretary Bessent’s February 2025 comments, noting changing relationships between assets (link). In recent months, he also highlighted when gold fell below $4,500, marking its largest weekly drop since 1983 (link). These past observations come as gold’s role in export data has drawn renewed attention.