By Lawrence Williams
- The latest Swiss gold import and export data has been announced and shows a continuation of the anomalies noted earlier this year.
- The largest source of Swiss gold imports in June was the UAE - which is normally major export market.
- The largest destination for Swiss gold exports was the UK - in normal years a principal source for Swiss gold imports.
We have seen some strange reversals this year in Swiss import and export figures for gold and these continued in June. Switzerland, where several of the world's most important gold refineries are located, forms a major global conduit for refining gold scrap, doré bullion from mines and for re-refining larger size gold bars into the smaller sizes mostly needed in the retail and investment sector around the world.
For most recent years the primary source for this gold has been the UK, which itself imports and refines gold from around the world, but here the supply to the banks' gold vaults is mostly in London Good Delivery gold bars of 400 kg plus and some of these were in turn re-exported to Switzerland for conversion to the smaller sizes. Principal gold export destinations from the Swiss refineries had usually been to Hong Kong, India, the Chinese mainland, the United Arab Emirates (UAE) and other major market centers where gold is made into jewelry, artifacts and for investment and hoarding for which the London Good Delivery bars are mostly too large in size and cost.
But this year it has been all change as we have noted before - See: Swiss gold import/export data: Update with charts and thus we have been paying particularly attention to the official Swiss figures for gold imports and exports which are normally announced on or around the 20th of the month. Thus the statistics for June have just come in and serve only to confirm the continuation of this anomalous trend reversal which we have seen so far this year.