Switzerland Sent 80% of Bullion Exports to Asia in January

by swisscham in Business

Switzerland sent more than 80% of its gold and silver bullion and coin exports to Asia last month, the Swiss Federal Customs Administration said today in an e-mailed report. It imported most from the U.K. Hong Kong was the top destination at 44% on a value basis, with India at 14%, the Bern-based customs agency said in its first breakdown of the gold trade data since 1980. Singapore accounted for 8.6% of exports, the United Arab Emirates 7.9% and China 6.3%. Gold slumped 28% last year and silver plunged 36%, both the biggest annual declines since 1981, as some investors lost faith in the metals as a store of value. As holdings in gold-backed funds that are mostly listed in the U.S. and Europe declined, lower prices boosted demand from Asia in a sign of bullion flowing from the west to east. China overtook India as the largest gold buyer last year, the London-based World Gold Council said in a report this week.

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