Total January exports out of the United States fell 22% YOY; the one bright spot was non-monetary Gold and Precious Metals. January exports of non monetary Gold (Gold not in official central bank reserves) was $1.3B up 24% YOY. Other precious metals exports were $569MM up 29% Year over Year. In the month of January these were the U.S.’s two fastest growing exports. This helps explain why U.S. Gold Coin premiums remain so high, the U.S. Mint continues to allow foreign demand for Gold and other Precious Metals to be met before domestic demand, even though they are legally required to meet U.S. demand first.