Swiss gold exports hit 2,777 metric tonnes
Gold exports out of Switzerland rose 77 percent last year, according to fresh data from swiss authorities. Also silver exports have increased.
According to swiss trade statistics published this week, switzerland has exported 2,777.11 metric tones of gold worth 117.68 billion Francs ($ 132 billion) in 2013. So swiss gold exports weight-wise rose 76.9 percent last year. In value terms exports versus 2012 increased by 48 percent. Average price per kilo was 42,374.50 Francs (47,459.44 USD).
Swiss gold imports went up 36 percent and 23 percent respectively to 3,080,45 tonnes or 109.79 Bill. Francs ($ 123 billion). Moreover, Switzerland imported 21,41 tonnes of gold and platin coins of which they re-exported 9.23 tonnes. The country also reported silver exports of 2,411.03 tonnes worth 1.71 billion Francs ($ 1.92 billion) and silver imports in the amount of 1.38 billion Francs ($ 1.55 billion). Silver export rose 10 percent in dollar terms and 47 percent weight-wise. Import value fell 40 percent against 2012 figures, tonnage that was down 19 percent.
Background: Switzerland is the main hub for gold coming from USA/UK going east. ETF ingots are melted down and reshaped to smaller bars for the chinese and indian consumer market.
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