Gold Shipments Return to Switzerland Following Exemption from U.S. Tariffs

LONDON - Recent data indicates a significant shift in gold trade dynamics, as gold that had been transported to New York is now being sent back to Switzerland. This reversal comes in the wake of the recent exemption of gold from U.S. tariffs imposed by the Trump administration, which had prompted traders to move gold as a precaution.

Official Swiss customs statistics released on Thursday revealed that gold imports from the United States surged to 25.5 metric tons in March, marking a thirteen-month high, up from 12.1 tons in February. Conversely, gold exports from Switzerland to the U.S. experienced a notable decrease of 32% month-on-month, totaling 103.2 tons.

Moreover, data from Comex, part of the CME Group, shows that U.S. warehouses have witnessed eight consecutive days of gold outflows for the first time in fourteen months. This trend aligns with the unwinding of the U.S. futures premium, following significant disruptions in the market.

During the period from December to March, gold, silver, and platinum valued at over $80 billion were delivered to Comex warehouses, resulting in heightened activity for logistics companies and Swiss refineries. However, the urgency to transport gold and silver to New York has diminished since the recent tariff exemptions were announced, leading to a gradual return of shipments to Switzerland.

As of now, U.S. Comex gold stocks have decreased by 1.5 million troy ounces, equivalent to approximately $4.8 billion, bringing the total down to 43.6 million ounces (1,357 metric tons) from a peak of 45.1 million ounces recorded on April 4. This increase in gold stocks in the U.S. began following the reelection of Trump in November, when inventories rose from 17.1 million ounces.

Industry sources have indicated that a portion of the gold being withdrawn from U.S. vaults is returning to Switzerland, recognized as the largest refining and transit hub for bullion globally. However, the current outflow from the U.S. is expected to be modest as the gold reserves in American vaults continue to act as a hedge amid ongoing market uncertainties.

Typically, the U.S. consumes around 115 tons of gold annually in physical coins and bars. The remaining kilobars stored in CME-registered warehouses are projected to meet this segment's demand for nearly twelve years, according to independent analysts. This situation underscores the current robustness of logistics and refining operations in the gold market.