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title: "Gold Market: Uncovered The Truth Behind Surging Imports & Market Myths"
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# Gold Market: Uncovered The Truth Behind Surging Imports & Market Myths

Sean Brazney and Jeffrey Christian · March 7, 2025

[Watch Video](https://player.vimeo.com/video/1063773357)

## Video Transcript

**Jeffrey Christian:** …and then you have another factor, which people have overlooked, because I guess maybe they don’t know about it, the Polish Central Bank bought a couple million ounces and they wanted it stored at the New York Fed instead of in home in Poland or in London. So, all of a sudden, you had an additional 2 million ounces or more of delivery gold that was on demand in the New York market. So, that widened the spread in the price even more. Speculators and traders saw that and they started taking advantage of it, and then Trump started talking about these tariffs…

**Sean Brazney:** Hello, my name is Sean Brazney, Sales Director with Monex Deposit Company. The great pleasure of being here again with Jeffrey Christian, Founder Managing Member of CPM Group, one of the many wonderful analysts over there at CPM Group. Thank you for being with us today Jeffrey.

**Jeffrey Christian:** Thank you for having us. You know, it’s always great to be working with Monex. Sean you ask the good questions.

**Sean Brazney:** Well, while I’ve got you here. Let’s hope we can get into some detail and you know, there’s a saying out there, “Knowledge is power”. Well, it’s really applied knowledge is power and that’s why we do so much to offer our reports that you guys do for us to our customer base and they’re available for free. It’s so valuable to have that resource for people and to get things in their hands, because they’re seeing things online, the media that’s out there that embellishes or kind of gets a little exaggerated on information out there, and you’re so good at grounding the Information, and even grounded me sometimes on getting back to the facts of why we’re doing some of this stuff.

It brings me to the topic of gold. Some things I’m reading out there right now, January we talk about gold imports. I’m seeing online that there was a surge of Swiss gold imports. Can you kind of share with us, people are saying that they were getting ahead of tariffs, and I’ve even heard of trying to refill Fort Knox, because they think Fort Knox is empty, can you kind of give us some detail and factual information on that?

**Jeffrey Christian:** Are you talking about the imports into Switzerland or the imports into the United States from Switzerland and England?

**Sean Brazney:** Great question, from Switzerland into the US and in England.

**Jeffrey Christian:** Look, there’s several things and a lot of people think it has to do with tariffs, and the tariffs are a factor, but it is like the third factor in the chain. The first reason why you’ve seen the surge of gold and silver imports into the United States, is that demand for gold and silver in North America has been greater than it has been in Europe. So, there’s been a demand for gold and silver both from investors in North America and also from industry. It’s been greater here so the supply has been tighter and you saw that the price in the New York market was rising relative to London, and it got to the point where it was financially viable to ship gold by air, which is the way it normally ships from London and New York…London and Zurich and Geneva into New York. So, that started happening.

Then you have another factor, which people have overlooked, because I guess maybe they don’t know about it, the Polish Central Bank bought a couple million ounces and they wanted it stored at the New York Fed instead of in home in Poland or in London. So, all of a sudden you had an additional 2 million ounces or more…delivery of gold that was on demand in the New York market. So, that widened the spread in the price even more. Speculators and traders saw that, they started taking advantage of it, and then Trump started talking about these tariffs and people started saying, “Well, will the tariffs apply to Mexican silver coming in, and Canadian, and Mexican gold coming in, and will it apply to metal that is produced in Mexico, but then stored in Switzerland or England and then shipped to New York?” So, there were all these questions and a lot of bullion banks and trading companies that supply physical metal Into the US market said, “Look, the demands greater there anyway. That’s where we want our metal, if we move it in ahead of time, if there are tariffs, It’s just that much better for us.” So, you had all of those factors lining up, really starting like probably in November or December, but then it got much more intense in January, before the inauguration when Trump started talking about 25% tariffs on Mexican and Canadian and Chinese metal or imports.

**Sean Brazney:** Another thing I see out there a lot and I try to stay away from this topic, I think we covered it in small detail before, is the gold revaluation that Secretary Bessent is talking about monetizing the Fed balance sheet, and out of that, gold being held and valued at $42 an ounce and with gold trading now at $29…$20’s today. If it’s valued at $42 an ounce and currently trading at $2,900 an ounce, why do people think that revaluing gold on the balance sheet is going to make gold skyrocket?

**Jeffrey Christian:** It’s a bogus thought. It’s on the feds balance sheet, because the Fed is the Treasury’s bank, it actually owns, the Treasury actually owns it. No one in the government or in the bullion market thinks of it as worth $42 an ounce. That’s just an accounting thing that that is a holdover from 1971. The truth is that, even if you revalued it to the market to $2,900, you’re talking about $800 trillion worth of value, in 261 million ounces of gold $2,900, that’s $800 billion dollars’ worth of gold, and we have a $36 trillion dollar debt, and 1.7 going to 2.7 trillion dollars annual deficit. So, it wouldn’t really help. I mean, you’re talking about $800 billion worth of gold, that would cover like 5% of the annual deficit and about 2% of the federal debt. So, it’s really not going to help. If the US government were to do that first, it’s a big red flag to the market–are they going to try to sell some of this stuff? The price would come down. If they did try to sell it, people say, “Okay, He’s the largest stash of gold in the world and they’re going to sell it, because they’re in such bad shape that they need to sell it.” The price of gold would collapse, because the market would be looking at the surge of gold supply. The gold price is not determined by the US government. The US government could say this stuff is worth $100,000 dollars an ounce and everybody would say yeah, that’s fine, that’s great. The gold price is determined, minute by minute, in the market by all of the participants who want to buy and sell gold, and that’s where that market price is going to be. We talked about the risk that Russia could be compelled to sell gold and we’ve seen that in January, the Russian Central Bank sold 1.6 million ounces of gold, which was a very large amount of gold for them to sell. Clearly, they need it for an exchange and we are waiting. We expect this week, that they will release the data for the end of February. We’re waiting to see what will happen in February, but that’s 1.6 million ounces of gold, it’s not 261 million. The Russian Central Banks are big enough to hit the market. So, don’t even think about trying to sell the US gold, because it would really be devastating to the price of gold.

**Sean Brazney:** Such valuable information as always Jeffrey. To remind our viewers, that *Precious Metals in 2025* and *Silver Linings in Radical Times * the reports are here for you so that you can get concrete information to make educated confident decisions in the precious metals that you’re holding. I wish I had more time with you today, Jeffrey. Thank you for being with us today.