The US Geological Survey said that more than 60% of gold mined in the United States is now being exported overseas, and many of these mines are located in China.
According to the agency, the U.S. has exported about $100 billion worth of gold since 2009, but has lost nearly $200 billion worth to other countries.
“The vast majority of gold that we export to China is mined in North America,” the USGS said in a statement.
“In recent years, we have increased our focus on international mining operations, and we are currently in discussions with several countries about the future of their mining activities.”
Gold Mining Industry, a new book by the National Mining Association, details how mining companies like the Gold Rush Gold Company (GGB) have been profiting off of a lost century of gold mining.
According the book, gold mining in the US has grown from a mere 5% of the gold market in 1900 to over 40% in the early 20th century.
But the industry has continued to shrink as the United State has seen the world’s population increase by over 1 billion people.
The United States Geological Survey estimated that only 2% of America’s gold production is being exported abroad, according to the New York Times.
But the agency has been unable to provide an exact figure due to lack of access to its mining data.
According to the report, gold production in the U, is down to just 4% of what it was in 1890, and it’s expected to decline to 3% in 2040.