The movement of gold and silver from West to East continue to transform the global gold market in fundamental ways. From the developed markets (US, UK) the bullion is exported to Switzerland where the globe’s gold refineries are concentrated, where it’s melted down and recast into smaller bars. Then the it is shipped to China and India and other growing gold consuming nations in Asia.
According to swiss trade statistics, Switzerland has exported 2,777.11 metric tones of gold worth 117.68 billion Francs ($ 132 billion) in 2013. So swiss gold exports weight-wise rose 76.9 percent last year.
Despite the 28% decline in the price of gold over the course of 2013, the value of exports nevertheless increased by 48% with the average price per kilogram pegged at $47,459.
Swiss gold imports went up 36% to 3,080 tonnes and the country also imported 21 tonnes of gold and platinum coins of which 9.2 tonnes were re-exported.
Customs officials also reported silver exports of 2,411 tonnes worth $1.92 billion and silver imports worth $1.55 billion. Silver export rose 10% in dollar and 47% in volume terms.