April was the biggest monthly total on record, and the amount of gold imported from Switzerland over the typical month is mind-blowing…
(Silver Doctors Editors) Let’s recall a few of the kinks in the global gold supply chain over the past couple of months.
In no particular order, we’ve seen:
- Mine closures
- Mint closures
- Refiner closures
- Logistics (flight) problems
One thing that apparently did happen in April, however, was a record amount of gold exported from Switzerland to the United States.
LONDON, May 26 (Reuters) – 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.
Interestingly, Reuters claims the US usually imports less than one tonne per month:
The United States, which typically imports less than a tonne
of gold a month from Switzerland, accounted for 85% of that
So to give an idea of just how much April’s imports blew the typical month out of the water, consider the following conversion (using “Metric tons”):
Notice where Reuters reports that gold did not go in April:
Of course, we’re not saying the numbers are correct or incorrect, but rather, we’re reporting them at face value.
Curiously, notice the drop in exports to India.