The United States has already received nearly 500 tons of gold from Switzerland this year. India was again the largest buyer of gold from Swiss refineries in November.
Switzerland supplies more gold
Switzerland shipped 95.81 tons of gold worth CHF5 billion (€4.6 billion) abroad last month. This is according to the latest foreign trade figures from the Federal Customs Administration. Compared to the previous month, Switzerland’s gold exports rose by 3.4 percent, and compared to November 2019, there was even an increase of 44 percent. Background: Swiss refiners supply up to two-thirds of the global demand for refined gold – primarily gold bars.
Gold for India and the USA
Just as in the previous month, India was the largest customer. 22 tons of gold went to this country, 35 percent more than a year ago. In addition, the United States took 20 tons of gold from Switzerland, more than twice as much as in November 2019 and 16 percent more than the previous month. Overall, Switzerland has shipped 493.7 tons of gold to the United States so far this year. The peak was in May with 126 tons. On the U.S. commodity futures exchange, gold inventories had to be filled urgently, as notices for physical delivery in futures trading had risen rapidly. Obviously, this effect continues. Germany received 6 tons of gold from Switzerland in November. This is the largest amount of gold since last April When it was 8.2 tons. For more information, see the table below.
USA also delivers
In contrast, Swiss gold imports fell 13 percent in November to 148.94 tons worth CHF 5.3 billion. A year-on-year comparison shows an increase of 15 percent. Most of the gold came from the U.S. (nearly 15 tons), Hong Kong (11 tons) and Italy (8 tons). In addition, Peru supplied a significant amount of lower-grade gold at 22 tons – presumably from the country’s mine production. Incidentally, gold transfers between the U.S. and Europe (the U.K.) are often related to reallocations in ETF investments. This is because large portions of the world’s ETF gold are stored in the UK. Note: The precious metal referred to is, by definition, „gold, including platinized gold, in unwrought form, for non-monetary purposes (excl. as powder)“.
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USA getting ready to refill the Safe when the Other Countries want THEIR Gold deposits back.NOT in PAPER, but the real thing. After all Tungsten Bars covered in Gold are okay for Inventory checks.