After having seen unprecedented amounts of physical gold moving across the globe in the aftermath of the goldprice collapse in April 2013, trade has been less robust in the past few months. In 2013 the UK net exported 1424 metric tonnes, Switzerland gross imported 3061 tonnes and gross exported 2777 tonnes, Hong Kong gross imported 2239 tonnes and gross exported 1642 tonnes, and China net imported 1540 tonnes. Gold trade in the first half of 2014 is down from these extreme levels, mainly in the second quarter. My focus in this post will be the physical flows from west to east.