Swiss gold exports down 7% on year to 160 mt in August, four-month low
By GCRU Gold News on Wednesday, September 21 2016, 01:24 - Permalink
The world's largest refiner and exporter of gold, total exports from Switzerland now stand at 1,197 mt for the year to date, up 3% from 1,160 mt in the same period of 2015.
In a marked change from the traditional flow of physical gold from west to east, the UK continues to be the largest destination for Switzerland's gold this year at 84.6 mt in August, up 6% from July.
Total exports to the UK are now 415 mt in 2016, up from just 21 mt in the whole of 2015, and account for over a third of all Switzerland's gold exports this year.
Growing investment demand for gold has seen a large flow of the metal into the UK in 2016, with significant inflows into gold-backed exchange traded funds, which have seen assets under management surge this year by over 30%.
Exports to the US have also grown this year, with total exports at 71 mt for the year to date, up from just 8.5 mt in the whole of 2015. However, August exports totaled just 2.9 mt, down from 22 mt in July and the lowest monthly figure since April.
Swiss gold exports down 7% on year to 160 mt in August, four-month low