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Switzerland’s Gold Exports Go Through The Roof
Today’s AM fix was USD 1,336.25, EUR 968.79 and GBP 825.76 per ounce.
Yesterday’s AM fix was USD 1,333.00, EUR 968.68 and GBP 825.13 per ounce.
Gold fell $6.90 or 0.51% yesterday, closing at $1,333.30/oz. Silver slipped $0.12 or 0.53% closing at $22.56. Platinum rose $2.94 or 0.21% to $1,433.24/oz, while palladium fell $1.50 or 0.20% to $742.50/oz.
Gold inched up in London as the dollar fell to a two year low against the euro. The yellow metal is on track for a four week high, as investors buy precious metals on increased safe haven demand. Gold Krugerrands (1 oz) are trading at $1,403.75 or premiums between 4.75% and 5.5% and Gold Kilo Bars (1 kilo) are trading at $44,354.53 or premiums between 3% and 3.5%. Premiums are holding steady.
The poor economic data published recently in the U.S. is signalling that the economic recovery is on shaky ground, and this has increased the allure of bullion.
Koos Jansen's blog, "In Gold We Trust" explores the recent surge of bullion exports from Switzerland.
In it he notes that Switzerland holds four of the largest gold refineries on the planet - Metalor, Pamp, Argor-Heraeus and Valcambi. These refineries are estimated to be responsible for 70% of the world's refining nestled in the Swiss Alps, and therefore a major amount of the world's gold is distributed there.
If you look at 3Q, Switzerland has imported 808 tons of gold in 2013, and exported 680 tons. Year to date the country has imported 2,420 tons and exported 2,184 tons.
Courtesy of Koos Jansen’s - “In Gold We Trust”
Jansen notes that this is a new record for exports for the small country with a yearly estimate of 2,912 tons for exports. It is surmised that 1,100 tons of the gold bullion is set to flow East to China or Hong Kong.
In 2013 from January to August published figures list Hong Kong as having imported 598 tons from Switzerland. Jansen writes that although most of this is sent forward to Shanghai, however the Chinese are also importing directly from the Swiss.
This is verified from Shanghai Gold Exchange (SGE) physical deliveries and from Alex Stanzcyk, Chief Market Strategist at Anglo Far-East Bullion, who Jansen spoke with directly. Stanzcyk said, "China imports a lot that's not going through Hong Kong (or through the SGE!)".
In the interview Stanczyk explained how one of their partners had lunch recently with the head of the largest global operations company in security transport. He said there is a lot of gold that they're moving into China that's not going through exchanges. If the gold is for the government they don't have to declare where it's going. They don't have to declare where it's going in, or where it's heading. If you look at the way the Chinese do things, why would they tell?
The People’s Republic Bank of China (The Chinese Central Bank), tend to shy away from routine reporting of their outright gold purchases to the IMF. A sensible strategy given their implied policy of reducing dollar reserve risk.
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If only ... It has the Federal Reserve logo on it and it's (missing?) in the Fed NY vaults.
"Switzerland’s Gold Exports Go Through The Roof"
dumb swiss....
even i know to use the door.
:)
Wonder if Angela's gold still has the swastikas on it ?
No, the Rothschilds are fond of those bars and keep them around the house.
I thought they were fond of all the bars? Everyones bars
Since Switzerland is not a big mining country may we assume that record exports are in step with record imports.
the real title should be: China continues to import gold from whereever, oh yeah, some goes through the Swiss.
Swiss abdicated the safe haven status when they pegged their currency to the Euro. I bet that even affected the schedule of the trains....
Don't forget about their unprecedented, and near-inexplicable, buckling under to the American IRS in regards to the effective self-destruction of their traditional banking privacy and secrecy laws and customs. God damn the IRS!
The Swiss are well educated but they're not particularly bright. But if you want a great shortcut to teach modern geopolitics and high finance to a bunch of elderly Swiss, just put on an Obama Halloween mask and scream at them "Bergjuden! Bergjuden! Bergjuden!" (in THE appropriate voice) - it breaks some weird curse and a light goes off in someone's head and then they suddenly understand...
My neighbors will be along any minute to start screaming at me now (using a slightly different insult)...
And global gold production is how much? Around 2800 tonnes? So the Swiss are moving most of that....leaving how much for the other refineries? If they do around 70% of refining then the total refined should be over 5000 tonnes p/a.....that far exceeds annual production, right? So, even if we take into account scrap that still means that a lot of gold is being refined and sold....in excess of the annual production...should be bullish for gold if the ETF's stop dumping.....
???
you can't extrapolate numbers that way, because:
1) Chinese & Russian production never sees the light of day
2) Rand Refinery in RSA is huge and processes a good chunk of that market
3) Perfectly "good" good delivery bars get re-refined on a regular basis, as well as converted to blanks for bullion coins or kilo bars (and the reverse in the case recycling), or kilo bars get turned into good delivery bars (ETF loading/unloading etc)
4) There's FUCKTONS of gold already in the country (and that changes hands but doesn't necessarily leave the country) so customs data is meaningless.
(but you could come up with some interesting calculations on the velocity of physical gold money with a couple more datasets)
Let's see...no more private banking, unloading the gold and...does anyone still wear a watch?
What's Switzerland's business model again?
Ever heard about nestlé, novartis, roche, swiss re, zurich ins, schindler, swatch, rolex, glencore, vitoil, etc. ..........pop in and have look .....in the confoederatio helvetica. I m sure, ur not an amerikan....
I see that they imported 300T more than they exported.
The rest doesn't merit to be commented.
And have been importing more than they export for over ten years... so what is the story...