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U.S. imports record amount of gold from Switzerland as virus upends trade

From uk.reuters.com

Swiss exports of gold to the United States leapt to 111.7 tonnes in April — by far the biggest monthly total on record — while shipments to other destinations dwindled, customs data showed on Tuesday. The global gold market has been turned on its head by the novel coronavirus, with demand in China and India collapsing due to lockdowns while in the West investors rushed to buy bullion as a safe asset to weather a period of financial turmoil. High prices on CME Group’s (CME.O) Comex exchange GCc1 spurred shipments to New York. Switzerland, a major trading, vaulting and refining centre for precious metals, exported a ... (full story)

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  • Category: Fundamental Analysis