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Flood of gold from Switzerland to U.S. stopped in August
By Peter Hobson
Thursday, September 17, 2020
LONDON -- Swiss exports of gold to the United States all but halted in August while shipments to China and India rose, customs data showed today, suggesting a big transfer of bullion to New York that followed the coronavirus outbreak has run its course.
The pandemic upended the global gold trade, shutting the vast consumer markets of Asia while triggering a rush among western investors to buy what they consider a safe financial asset.
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Prices of U.S. gold futures surged above prices in other parts of the world, incentivising an unprecedented transfer of gold bars to New York.
Switzerland, the world's biggest gold refining and transit centre, shipped 412.9 tonnes of gold worth $22 billion to the United States between March and July but just 23.7 tonnes to China, Hong Kong and India combined, Swiss customs data shows.
In August, however, U.S. shipments fell to 28.5 tonnes and were almost offset by 26.8 tonnes of gold coming into Switzerland from the United States.
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