3rd Asia Pacific Precious Metals Conference on 09-11 June 2019 at PARKROYAL on Beach Road, Singapore..., Mark your dates for 16th India International Gold Convention on 01-04 Aug 2019 at Amritsar, Punjab...
 You are here : Home > News

Swiss Gold Exports to U.K. Hit 6-Year High on ETF Surge

22 August 2019


Swiss gold exports to the U.K. rose to the highest in six years, driven by a surge in demand for exchange-traded funds.Switzerland shipped 90.7 tons of bullion to the U.K. in July, the most since September 2012, according to data on the website of Swiss Federal Customs Administration. That compares with just 7.4 tons in June.Gold is heading to London because the city is a global center for precious metal storage and boasts a vast network of vaults within the M25 motorway that surrounds the metropolitan area. Rising gold prices are driving demand for investment products and the bullion that underlies those funds.“The vast majority of ETFs have their vaults in London,” said Adrian Ash, research director at BullionVault Ltd.Gold prices have surged to a six-year high, surpassing $1,500 an ounce, because of worries about weakening global economic growth and the fallout from the U.S.-China trade war. Holdings in bullion-backed ETFs now stand at the highest since March 2013.


Source: https://www.bloomberg.com