America just imported a mountain of gold. Here’s why that should scare you.

Outside the Box

What do central banks know that the rest of us don’t?

Last Updated: May 15, 2025 at 1:53 p.m. ET
First Published: May 15, 2025 at 7:45 a.m. ET

Something suspicious is happening with gold. Not the kind of suspicion when your neighbor suddenly buys a Ferrari. I mean the kind when a guy in dark glasses unloads mysterious crates at 2 a.m.

In the first two months of 2025, America quietly imported more than 600 tons of gold from London and Switzerland, according to World Gold Council data — enough to make King Midas blush. Officially, economists at many major banks waved it away as a statistical oddity. “Relax,” they said. “It’s just bullion banks hoarding gold ahead of tariffs.” Sure. And a fleet of black helicopters landing at your neighbor’s barbecue is just the local weather guy testing his equipment.