Gold flows east: China, India import massive quantities of gold from Switzerland
- Singapore, India and China continue to import staggering volumes of gold from the West
- U.K. exports of bullion to Switzerland increase 6 fold to a very large 97 tonnes
- Gold exports from Switzerland to both China and India doubled in March
- Shanghai Gold Exchange (SGE) becoming most important centre for physical gold trade
- LBMA says London gold trade will not move to exchange
- Gold price languishes at all time inflation adjusted lows despite robust demand
- Gold will protect Asian peasants and western middle classes
In what future generations will likely see as a major, potentially catastrophic blunder of monetary policy, the West and particularly the City of London continues to hemorrhage huge volumes of gold which is flowing Eastwards to Singapore, India and China from London via Switzerland.
“Gold exports to China from the refining hub of Switzerland almost doubled to 46.4 metric tons in March”, up from 23.6 tonnes in February” according to Bloomberg. India’s gold imports from Switzerland doubled to 72.5 tonnes in the same period.
The increasingly affluent masses in China and India continue to have a voracious appetite for gold as a store of value.
Policy makers in China and Russia have also made gold a cornerstone of their monetary policy.
Bloomberg reported the following:
“Flows to India rose before this month’s Akshaya Tritiya festival, which is considered a traditional day to buy precious metals.”
The Asian demand for Swiss refined gold was met in part by very large gold imports from the U.K. Bloomberg states that Swiss imports from the U.K. rose sixfold in the same period to 97.2 tonnes.
This figure dwarfs Swiss imports from other nations. The U.S. and Turkey exported just over 18 tonnes and 15 tonnes respectively and these figures greatly exceed the amounts coming from all the other countries from whom Switzerland imports gold.