Switzerland Gold Exports Surge Due to Soaring US Demand
Gold exports from Switzerland witnessed a significant increase in January 2025 compared to the same period last year. Notably, shipments to the United States reached their highest level in at least 13 years, offsetting lower deliveries to major consumers like China and India.
Switzerland, the global refining and transit hub for bullion, has experienced a surge in gold transfers to the US in recent months. This is primarily driven by concerns over President Trump's wide-ranging import tariffs, which some market participants believe could impact gold deliveries.
Consequently, the price premium between US gold futures and London spot prices has widened, attracting massive inflows into Comex gold inventories.
According to Swiss customs data, gold exports from the country to the US jumped to 192.9 tons in January from 64.2 tons in December, hitting the highest monthly export volume since 2012.
Despite the absence of direct mentions of precious metals being targeted by Trump's tariffs, approximately 20.4 million troy ounces (636 metric tons) of gold worth $60 billion (current prices) have been delivered to Comex-approved warehouses since late November 2024.
These deliveries have increased Comex gold stocks by 116% to 38.0 million ounces, the highest level since March 2021, and reduced liquidity in the London OTC market.
Swiss Total Gold Exports (in kgs):
| Month | Total Trade | China | Emirates, Arab | France | Germany | Hong Kong | India | Italy | Saudi Arabia | Thailand | United Kingdom | USA |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| January 2025 | 225,425 | 200 | 1,923 | 1,413 | 2,095 | 1,695 | 1,645 | 1,740 | 1,608 | 510 | 9,274 | 192,933 |
| December 2024 | 123,424 | 4,000 | 5,569 | 1,645 | 1,557 | 2,102 | 8,975 | 2,952 | 5,775 | 0 | 14,421 | 64,247 |
| January 2024 | 206,971 | 77,807 | 13,691 | 1,135 | 1,321 | 44,573 | 14,000 | 2,511 | 8,974 | 11,188 | 7,893 | 1,592 |
Data subject to revision.