Swiss Gold Exports to US Surged Last Month on Trump Tariff Fears

(Bloomberg) —

Gold exports to the US from Europe’s main refining hub in Switzerland jumped to the highest since Russia’s invasion of Ukraine, as traders scrambled to bring bullion ashore ahead of potential tariffs.

Switzerland shipped 64.2 tons of gold to the US in December, the most since March 2022. That’s 11 times more than in November and equates to almost $6 billion of bullion.

Gold prices on the New-York based Comex futures exchange surged to a premium over international benchmarks in December, as traders, fearing the imposition of tariffs, bought out of their short positions and began flying in the metal from around the world. 

Premiums of more than $50 an ounce for Comex gold futures over spot prices in the London market opened up, creating a profitable arbitrage opportunity.

Swiss gold exports to the UK jumped more than 13-fold to 14 tons in December from the month before, as the flight of precious metal across the Atlantic tightened the availability of metal in the world’s largest bullion market. 

Total Swiss gold exports were down 4.5% to 123 tons in December, driven by steep falls in shipments to China and India.

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