Gold shipments to the United States soared in July
Keystone-SDA
Swiss gold exports to the United States soared in July. Almost five times as much precious metal was sent compared to the previous year – 54 tonnes worth almost CHF4.7 billion.
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Last month, Switzerland exported a total of 139 tonnes of gold worth CHF12 billion, an increase of more than half, according to figures published on Thursday by the Federal Office of Customs and Border Protection (FOCP).
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In the first six months of the year, around 480 tonnes of the precious metal left Switzerland for the US, worth almost CHF40 billion. A year earlier, shipments had been limited to 26 tonnes, before climbing to 127 tonnes in the second half of the year. Between January and March, volumes fluctuated between 118 and 219 tonnes.
The appetite for ingots processed in Swiss refineries was fuelled by the build-up of stocks on the other side of the Atlantic, in order to avoid any surtaxes from President Donald Trump’s administration. The precious metal also played its role as a safe haven in the face of a weak dollar.
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At the beginning of August, the Swiss Association of Precious Metal Manufacturers and Traders (ASFCMP) had a cold sweat when it thought that ingots would be subject to customs duties of 39%, like other goods bearing the white cross entering the US.
Shortly afterwards, Trump announced on his Truth Social platform that “gold will not be subject to tariffs!” The trade association is waiting for a “formal and binding decision” on this exemption.
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Gold will not be subject to tariffs, says Trump
Translated from French by DeepL/mga
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