Swiss gold exports destined for Asia
Duncan Richardson, News Editor
24 Apr 2015, 12:51 p.m.
The majority of the world’s gold is imported into Switzerland for refining and then exported to the global markets. These import and export figures are really important as it constantly shows gold is moving from West to East.
In March gold shipments to China almost doubled to 46.4 metric tons, whilst exports to India doubled to 72.5 tons. Switzerland mines no gold, so where is all the gold coming from?
Data from the Swiss Federal Customs Administration suggests the gold is being supplied from the UK. The UK exported 97.2 tonnes of gold to Switzerland last month up from 14.7 tonnes in February.
Many analysts believe gold owned by foreign countries vaulted with the Bank of England is being hypothecated and sold into the market to meet demand from Asia. The other source of supply could be from exchange traded funds (ETF’s). In March global gold backed ETF’s experienced outflows totalling 55 tonnes.