Gold, which traders have come to New York since December as a precaution against the possibility of generalized American customs duties on imports of ingots, is returned to Switzerland, from where it comes, according to official data.
Swiss customs data published Thursday indicate that the country’s gold imports from the United States reached its highest level in March in thirteen months, with 25.5 tonnes, compared to 12.1 tonnes in February. Switzerland’s gold exports to the United States fell 32 % in a monthly sliding to 103.2 tonnes.
The American warehouses approved by the COMEX, which is part of the CME group, recorded eight consecutive days of gold outings, for the first time in fourteen months, according to daily COMEX data, while the premium on American term contracts has resulted after major disruption.
More than $ 80 billion in gold, silver and platinum were delivered to Comex warehouses between December and March, which maintained logistics companies and Swiss refineries more occupied than usual.
However, the urgency of transporting gold and money to New York disappeared when Washington excluded these metals from the reciprocal customs duties imposed by President Donald Trump two weeks ago, and the flows are now slowly returning to Switzerland.
-Comex golden stocks fell by 1.5 million ounces Troy, or 4.8 billion dollars, reaching 43.6 million ounces (1,357 metric tonnes) from their record level of 45.1 million ounces reached on April 4. They had started to increase from 17.1 million ounces in November when Mr. Trump was re -elected president.
Part of what is currently delivered from the American safes returns to Switzerland, the world’s largest center for refining and transit in gold, said a source in a Swiss refinery.
Outings from the United States will remain modest for the moment, because the gold stored in the country’s chests continues to serve as a coverage against the persistent uncertainty that reigns in part of the market, he added.
During a typical year, the United States consumes approximately 115 tonnes of gold in the form of physical parts and ingots, which means that the remaining ingots in the warehouses recorded with the CME are sufficient to feed this market segment for almost 12 years, said Ross Norman, an independent analyst.
“This is the perfect time to get started in logistics and the refining of gold,” he added. (Report by Polina Devitt; edition by Kirsten Donovan)
