Gold heading to Asia through Switzerland

Gold export figures from the Swiss Customs Administration show that most of the physical metal is being exported to Asian countries. In the first three months of 2014, most of the yellow metal went to Hong Kong (206,44 tonnes). India came in second with a net import volume of 87,52 tonnes. Direct imports of gold into mainland China take the third place with a volume of 74,9 tonnes in the first quarter of this year.

These figures should come as no surprise, because China and India are by far the largest gold markets nowadays. However, a substantial amount went to Singapore and Saudi-Arabia as well. The total net export from Switzerland to these countries was 40,69 and 15,36 tonnes respectively. The first graph shows the ten countries to which Switzerland net exported the largest volumes of gold.

Most of the gold is exported to Asian countries

Most of the gold is exported to Asian countries

Gold heading from West to East

Switzerland is an important hub in the global physical gold market. Many transactions in this market are therefore taking place in this small and mountainous country. If we look to the other side of the balance, we find the usual suspects sending gold to Switzerland. In the first quarter of this year, the United Kingdom was the largest net exporter of the precious metal to Switzerland, bringing in 270,3 tonnes of gold. The second largest supplier of gold to the Suisse vaults was the United States, exporting a net amount of 56,77 tonnes to the European country. Third and fourth place were taken by Turkey and Russia, exporting 39,93 and 25,89 tonnes of the yellow metal to Switzerland.

The US and the UK are supplying most of the gold to Switzerland

The US and the UK are supplying most of the gold to Switzerland

(h/t: BMS, Goudstudieforum) Crypto redactie Crypto redactie

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