“[T]he latest figures covering Switzerland’s September gold export figures, those to Asia have diminished hugely in favour of the U.K. being by far the largest recipient. These are not one-off figures. This is the same pattern which has emerged from the preceding several months’ Swiss gold export data and is generally put down to a combination in a fall-off in demand from China and India in particular, coupled with massive inflows into gold ETFs, most of which keep their gold vaulted in London.”
USAGOLD note: These numbers are simultaneous to gold ETFs stockpiling a record 2855 metric tonnes – the equivalent of 35% of the U.S. gold reserve.
Chart courtesy of GoldChartsRUs