The Golden Age VI: Why Is Gold Moving Around the World In Such Huge Quantities Right Now?
Yesterday, April 3, 2025, Tucker Carlson interviewed US Treasury Secretary Scott Bessent. Tucker asked Secretary Bessent why gold was moving around the world in such huge quantities at the 49:22 minute mark. The response was interesting.
People in the USA have imported so much gold to the COMEX in New York City over the past few months that it has caused the Atlanta Fed’s Q1 GDP estimate to go into negative territory (-2.8%).[1]
Gold imports shrank the economy![2]
These record gold imports prompted Tucker Carlson to ask Secretary Bessent about gold during an interview about Trump’s proposed new tariff scheme.
49:22 Tucker: Why is gold moving around the world in such huge quantities right now?
Bessent: Well, a couple of things… Physically it’s moving because of potential tariffs here. It was unclear if we were going to exempt gold from tariffs- which I believe we have. So, there was a big move out of vaults in Switzerland- out of vaults in London- to get it into New York.
And look, there are a lot of different stores of value over time. Bitcoin’s becoming a store of value. Gold’s historically been a store of value.
I think what’s interesting is where we see the gold demand coming from. Huge amount is from China-
Tucker: -Yes-
Bessent: -As I said, they’re in the middle of an economic recession/depression. People don’t trust the Chinese currency because they have capital controls. There are 1.4 billion Chinese- who all want to get their money out- and they [CCP] won’t let them. They will let them buy gold.
Tucker: So that’s your response? You think- do you find it interesting that, even now- 2025- when everything is abstract and digital, that gold is still widely believed, globally, to be a reliable store of value.
Bessent: Gold has a lot of history going with it. […] Russia had a financial crisis in ‘98. Then they had a big inflation and a friend of mine’s grandmother went out and bought 18 bycycles and put them in her apartment, and that was her store of value.
Tucker: How did she do on the bike investment?
Bessent: Great. Great. I wish I did that well.
Gold also has other applications. A lot of applications. Jewelry in India. But it’s something that historically, people have all agreed on. Gold can’t have a fiscal problem. Gold cannot have a gigantic budget deficit. Gold cannot have a war. So, just the fact that it’s this isolated thing makes it very interesting. And the fact that the entire global trading system- until Richard Nixon took us off- was tied to gold.
Tucker: So, you’re not anti-gold.
Bessent: Oh, no. No, no, no. When I had my [investment] fund, I think that people might have called me a gold bug.
