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Swiss gold exports to Asia tumble as bullion flows to London
By Peter Hobson
Tuesday, October 20, 2020
LONDON -- Switzerland's gold exports to China and India dwindled in September, with the country instead importing record volumes of bullion from Hong Kong and sending metal to Britain, customs data showed today.
The figures underline how Western investors have overtaken Asian jewellery buyers as the main driver of gold demand since the COVID-19 pandemic struck.
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The pandemic has resulted in jewellery shop closures and reduced disposable income among consumers while triggering a rush by investors to stockpile an asset they think will hold its value through the crisis.
Switzerland is a major gold refining and transit centre, while London is a storage and trading hub where investors around the world hoard gold. ...
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