BERN (Realist English). Swiss shipments of gold to the United States surged in March to their highest since May 2020, Swiss customs data showed, as investors spooked by Russia’s invasion of Ukraine and the threat of a global economic slowdown stocked up on bullion. This is reported by Reuters with reference to the data of the Swiss customs.
Swiss exports to the UK, which, just like the United States, is a center of investment and trade in gold, also increased. At the same time, gold supplies to China and India, the largest consumer markets, fell sharply.
In February of this year, 3.5 tons of gold bars were delivered to the United States, and in March — 81.5 tons. In March 2021, only 1.5 tons of gold were delivered from Switzerland to the USA.
Swiss gold shipments to China decreased from 35.5 tons in February to 11 tons in March.
Switzerland is the world’s biggest refining and transit centre for gold, an asset typically seen as a safe place to store wealth in times of economic and political turmoil.