Gold is now the top U.S. export

U.S. gold exports have surged to become the country's top export since October 2025, with February 2026 potentially setting an all-time record for tonnage shipped. The exports, primarily destined for Swiss refiners, Hong Kong, and London trading centers, likely reflect growing demand from foreign governments—particularly China—seeking alternatives to dollar-based reserves as they reduce holdings of U.S. Treasury debt. The article speculates that China's economic leverage and efforts to promote alternative payment systems are driving this shift in precious metals markets.