tl;dr: Since October 2025, gold has become the top U.S. export by value, with shipments going primarily to Switzerland (refiners), Hong Kong (China's gateway), and the UK. Since U.S. official gold reserves remain unchanged, the exports appear to come from mining and recycling. The author speculates—without proof—that much of this gold is ultimately bound for China, possibly as payment in lieu of dollars, as foreign central banks increasingly favor gold over U.S. Treasuries as a reserve asset.