London (Reuters) – Gold, whose traders have been flying to New York since December as a precaution against the possibility of broad Tariffs of the United States will hit bully imports, is transported back to Switzerland, where it came from, official data shows.
Switzerland customs data on Thursday showed that the country's gold imports from the United States rose to the peak of thirteen months of 25.5 tonnes in March, from 12.1 tonnes in February. Gold exports from Switzerland to the United States fell 32% from a month to 103.2 tonnes.
U.S. warehouses approved by Comex, part of the CME group, have seen eight consecutive days of All -LLWLL Gold, for the first time in fourteen months, Daily Comex data showed, as the US future premium ended after a major displacement.
Gold, silver and platinum worth more than $ 80 billion to Comex warehouses were distributed in December March, keeping Swiss logistics companies and refineries busier than usual.
However, the urgency was drawn to fly gold and ship silver to New York when Washington excluded the metals from President Donald Trump's bilateral tariffs two weeks ago and the flow is now slowly reversing back towards Switzerland.
Comex Gold Stocks are down 1.5 million Troy ounces, worth $ 4.8 billion, to 43.6 million ounces (1,357 tonnes) since a record ever 45.1 million ounces on April 4. They had begun to rise from 17.1 million ounces in November when Trump was again elected.
Part of what is currently being delivered from US gold vaults is coming back to Switzerland, a refined hub and the world's largest bullying, says a Swiss purity source.
The US LAFF for the time being as gold in the country's vaults will continue to serve as a hedge against the ongoing wider uncertainty for a market part, he added.
In a typical year, the US consumes about 115 tonnes of gold in coins and physical bars, meaning that the remaining kilobars in CME -registered warehouses are sufficient to last this part of the market for nearly 12 years, said Ross Norman, an independent analyst.
“A great time to be in gold logistics and refining gold,” he added.
(Reported by Polina Devitt; Edited by Kirsten Donovan)