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Published on Gold Anti-Trust Action Committee (http://www.gata.org)

U.S. imports record amount of gold from Switzerland as virus upends trade

By cpowell
Created 2020-05-26 16:07

By Peter Hobson
Reuters
Tuesday, May 26, 2020

LONDON -- Swiss exports of gold to the United States leapt to 111.7 tonnes in April -- by far the biggest monthly total on record -- while shipments to other destinations dwindled, customs data showed today.

The global gold market has been turned on its head by the
novel coronavirus, with demand in China and India collapsing due to lockdowns while in the West investors rushed to buy bullion as a safe asset to weather a period of financial turmoil.

... Dispatch continues below ...


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High prices on CME Group's Comex exchange spurred shipments to New York.

Switzerland, a major trading, vaulting, and refining center for precious metals, exported a total of 131.8 tonnes of gold in April, up from 96.2 tonnes in March but slightly lower than in April 2019.

The United States, which typically imports less than a tonne of gold a month from Switzerland, accounted for 85% of that total. ...

... For the remainder of the report:

https://www.reuters.com/article/swiss-trade-gold/u-s-imports-record-amou... [2]

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Source URL:
http://www.gata.org/node/20170