Switzerland exported tons of gold to the US in July

Also in July, Switzerland has exported tons of gold to the United States. Swiss customs figures show that in total 102.6 tons of gold went abroad of which more than 63 tons was shipped to the United States. This year the US market continues to dominate gold shipments from Switzerland, a role which in recent years had been reserved for countries like India and China.

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GLD continues sourcing gold at Bank of England

Investors are buying gold on an unprecedented scale this year, as a record amount of gold went to ETF’s in the first half of the year. Worldwide, these funds added a total of 734 tons of gold to their stocks in order to meet demand. Demand was so high that the Bank of England had to come to the rescue once again. Also in the second quarter, the largest gold ETF in the world appealed to the central bank in order to obtain sufficient precious metal.

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Dr. Zijlstra’s Final Settlement: Gold as the Monetary Cosmos’ Sun

Whenever I am in Amsterdam, I go to a bookstore and browse the second-hand shelves in the economics section. Recently I found two books by Dr. Jelle Zijlstra: “Dr. Jelle Zijlstra, Conversations and Writings” (1979, second edition) and “Per Slot Van Rekening” (1992, fifth edition). The latter title is a Dutch figure of speech that may be translated as “The Final Settlement.”

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Gold keeps flowing from Switzerland to the US

Switzerland keeps exporting large quantities of gold to the United States, according to Swiss customs data. In May and June large quantities of gold were shipped to the other side of the Atlantic, where the demand for the precious metal is still very high. Switzerland exported 126 tons of gold to the US in May. A month later it was 68 tonnes. As a result, the United States are by far the most important export destination for the precious metal in recent months.

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Bank of England lending gold to GLD again?

A run on gold caused tightness in the physical gold market in the first quarter of this year. Due to the coronavirus, many planes are on the ground, which makes it more difficult to get physical precious metal to the right place in time. In recent months, these logistical problems have led to longer delivery times and disrupted the pricing of gold in New York.

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What’s going on with the gold price?

Last week we saw a remarkable movement in the gold market. On Tuesday the price of gold on the New York stock exchange was $70 per troy ounce higher than in London, the biggest price difference in 40 years. These prices often diverge, but under normal circumstances traders are entering the market to eliminate this difference. This did not happen last week, resulting in two different gold prices and tightness in the New York gold market. How did this happen?

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