Gold Tops U.S. Exports for Second Straight Month

Unprecedented move highlights economic uncertainty under Trump's return to the White House

Jan. 30, 2026 at 4:55pm

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Gold was the top U.S. export for the second consecutive month in October and November 2025, the only time this has happened in at least the last 20 years, according to U.S. Census Bureau data. The rise in gold exports was driven by economic and political turmoil, including Trump's chaotic trade war policies and uncertainty around the Federal Reserve leadership.

Why it matters

Gold's rise to the top of U.S. exports is an unusual and concerning economic indicator, signaling broader economic and political instability. The disruption in global trade patterns, shifting power dynamics, and lack of policy predictability have led investors and central banks to increasingly view gold as a 'safe haven' asset, driving up demand and exports.

The details

Gold exports reached a record $16.72 billion in October 2025, the highest one-month total ever, surpassing traditional top exports like aircraft, gasoline, and oil. In November, gold exports slipped to $12.45 billion, still the second-highest total on record. This compares to just $2.71 billion and $2.01 billion in October and November 2024 respectively, before Trump's reelection. The rise in gold exports was driven by factors like Trump's chaotic trade war policies, uncertainty around Federal Reserve leadership, and central banks globally increasing their gold reserves amid a weakening U.S. dollar and geopolitical tensions.

  • In April 2025, Trump announced the start of his 'Liberation Day' trade war with the world.
  • In September 2025, Trump appealed to the U.S. Supreme Court for an 'expedited review' of the legality of his trade war tariffs.
  • Gold exports reached a record $16.72 billion in October 2025.
  • Gold exports slipped to $12.45 billion in November 2025, still the second-highest total on record.
  • On January 30, 2026, gold prices dropped sharply, falling from over $5,500 per ounce to around $4,900 per ounce

The players

Jerome Powell

The current Federal Reserve chairman, who Trump is expected to replace.

Kevin Warsh

Trump's expected pick to replace Jerome Powell as Federal Reserve chairman, seen as more willing to resist calls for lower interest rates.

Donald Trump

The former U.S. president who returned to the White House in 2025 and initiated a chaotic trade war.

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What’s next

The Supreme Court is still expediting its review of the legality of Trump's trade war tariffs.

The takeaway

Gold's unprecedented rise to the top of U.S. exports highlights the broader economic and political instability created by Trump's return to the White House and his chaotic trade policies. This signals a lack of confidence in the U.S. dollar and the need for investors and central banks to seek safer havens like gold amid unpredictable policymaking.