Gold Flows Shift: U.S. Exports Surge to Switzerland Amid Falling Swiss Shipments to U.S.

Gold Trade Shift: From America Back to Switzerland

Swiss Gold Exports to U.S. Drop in April

Swiss gold shipments to the United States saw a significant decline in April, falling to just 12.7 tons. This contrasts with a simultaneous surge in gold exports from the U.S. to Switzerland, reaching 63 tons during the same period.

Reversal Linked to COMEX Inventory Changes

Over the past three months, Switzerland had shipped 449 tons of gold to the U.S. This recent reversal is tied closely to developments in COMEX gold inventories, which grew rapidly in the first quarter amid fears of U.S. tariffs on imports.

Since April, however, COMEX stocks have consistently declined as gold was excluded from tariff measures, prompting a shift in trade flows back to Switzerland.

Related Reads on Tredu:

• How Tariff Policies Affect Global Gold Flows
• COMEX Gold Inventories: Trends and Market Implications
• Switzerland’s Role in the Global Gold Market