We have highlighted the strange Swiss gold import and export statistsics which have been prevailing so far this year on this site and others for which I write. The June stats from the Swiss Customs Administration have now been announced and these anomalous gold flows are apparently continuing apace. Switzerland has been seeing some huge reversals in imports and export data for some countries with a prior strong source of Swiss gold exports now the leading supplier of gold imported into the Alpine nation in the UAE, while the UK, in the past a major source of gold imported into Switzerland, has been the principal export destination so far this year.
I have noted some correlation between these reversed gold flows and the rise in the gold price this year, the drop in Asian demand and the big flows into the big gold ETFs, and comment on this in two articles – one on seekingalpha.com and the other on sharpspixley.com.
For those interested, links to these two articles follow: