Where Does All That Physical Gold Go?

In March 2020, Germany imported almost 17 tons of gold from Switzerland. On the other hand, 43 tons went to the USA to eliminate the deficit on the COMEX exchange in New York. In general, Switzerland has become very prominent as a global center of gold processing and trade.

The Swiss customs authority has recently published data on the exports of various commodities, including gold. These numbers say a lot about the gold market dynamics in March 2020. For instance, Swiss gold exports doubled last month to reach 96.1 tons, for a total value of 4.44 billion euro. The analysts amongst our readers might be interested in learning which countries managed to receive some of the gold processed in the Swiss refinement plants – and which didn't.

It's interesting that China isn't in the top 20 of the recipients. Because of the coronavirus pandemic, China found itself isolated from the global gold market in March. India received only 6.6 tons. By contrast, Germany obtained 16.9 tons of gold for a total of 708 million euro. Thus, Germany's imports of Swiss gold grew six-fold in March relative to February. This is yet another indicator of the huge demand for gold among German investors. However, it was the US which ended up on the top spot: it imported 43 tons of gold from Switzerland.

As for the March Swiss gold imports, they reached 153 tons and an overall value of 4.8 billion euro. In particular, Switzerland received 28 tons from the UK. Many of you are probably aware of the recent situation surrounding gold bars: most of the bars stored in London weigh 400 oz. They had to be urgently remade into bars of 100 oz and 1 kg. Next, these bars were sent to the COMEX exchange in New York. This is how the US managed to import so much gold from Switzerland last month.

The customs data for March once again demonstrates the importance of the role that Switzerland plays in the global gold market. Its affinage plants process over half of the world's gold. When those plants got closed in March due to the COVID-19 pandemic, it led to an acute supply deficit. Luckily, the plants reopened two weeks later.

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