Switzerland exported 110 tonnes of gold in April, down 21 percent against March figures. Less ETF gold is coming in from the US and UK.

According to the Swiss Federal Customs Office, Switzerland exported 110.92 metric tonnes of gold in April, worth 4.13 billion Swiss francs ($ 4.62 billion). Gold imports for the month were 121.97 tonnes in the amount of 3.45 billion francs ($ 3.86 billion). Compared with March figures, Swiss gold exports are down 21 percent. Gold imports plunged 40 percent.

One reason for less gold coming into Switzerland: Less gold is leaving the SPDR Gold ETF (GLD). In fact we saw GLD inflows of 9.38 tonnes in March. The GLD inventory is stored at HSBC vaults in London. So Swiss imports out of UK dropped 39.65 percent in April. 45 percent less gold came in from the USA.

Biggest buyers of Swiss gold were India, Hong Kong, China and Singapore. These countries alone account for 70 percent of all Swiss gold exports. However gold shipments to China decreased 54 percent in April. Swiss gold exports to Singapore were down 49 percent. Export figures for India and Hong Kong remained relatively stable.

For further details please see table above.

German version

Goldreporter

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 -- Published: Tuesday, 27 May 2014 | E-Mail  | Print  | Source: GoldSeek.com

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