From Yahoo Finance: 2025-04-17 13:42:00

Gold, previously flown to New York as a precaution against U.S. tariffs, is now being shipped back to Switzerland, as shown by Swiss customs data. U.S. gold imports from Switzerland rose to 25.5 metric tons in March, while exports fell 32% to 103.2 tons. Comex warehouses are seeing gold outflows for the first time in fourteen months.

Gold, silver, and platinum worth over $80 billion were delivered to Comex warehouses from December to March, keeping logistics firms and Swiss refineries busy. The urgency to fly gold and ship silver to New York lessened when the metals were excluded from President Trump’s tariffs two weeks ago.

Comex gold stocks have decreased by 1.5 million troy ounces, worth $4.8 billion, since hitting a high on April 4. Part of the gold currently leaving U.S. vaults is returning to Switzerland, the world’s largest bullion refining hub. The outflow from the U.S. is expected to be modest for now.

The U.S. typically consumes about 115 tons of gold in physical coins and bars each year. Remaining kilobars in CME-registered warehouses could last this segment of the market for nearly 12 years. Independent analyst Ross Norman noted that it is a great time to be in gold logistics and refining.



Read more at Yahoo Finance: Gold starts coming back to Switzerland from US after exclusion from Trump’s tariffs