To guard against the possibility of the USA imposing widespread tariffs on imported gold bars, traders have been shipping Gold to New York since December of last year, but official data shows that Gold is currently being shipped back to its source in Swiss Franc.

Data from Swiss customs on Thursday showed that in March, the amount of Gold imported from the USA rose from 12.1 tons in February to 25.5 tons, setting a new high in 13 months. The volume of Gold exported from Swiss Franc to the USA decreased by 32% month-on-month to 103.2 tons.

CME Group's Comex warehouses in the USA have experienced Gold Outflow for eight consecutive days, marking the first time in 14 months. Daily data from Comex shows that the USA Futures premium has receded after experiencing significant imbalance.

Between December of last year and March of this year, Gold, Silver, and Platinum worth over 80 billion dollars were shipped to the COMEX warehouses, making Logistics companies and Swiss refineries busier than usual.

However, the urgency to air transport Gold and Silver to New York has dissipated since Washington excluded Gold and Silver from Trump's reciprocal tariffs two weeks ago, and now the flow of Gold and Silver is slowly shifting back to Swiss Franc.

Since reaching a historical high of 45.1 million ounces on April 4, COMEX Gold inventory has decreased by 1.5 million ounces, valued at 4.8 billion dollars, to 43.6 million ounces (1,357 tons). This figure was 17.1 million ounces when Trump was reelected in November last year.

A source from a Swiss refining company stated that part of the Gold being transported from the USA treasury is currently being returned to Swiss Franc, the world’s largest center for Gold and Silver refining and transit.

He added that since Gold in the USA Treasury continues to serve as a hedge against broader market uncertainties, the current Outflow of Gold from the USA will be moderate.

Independent Analyst Ross Norman stated that typically, the USA consumes about 115 tons of physical gold coins and bars each year, which means that the remaining Gold in CME registered warehouses is enough to supply this part of the market for nearly 12 years.

He added, "Now is a great time for Gold Logistics and Gold Refining."

Due to an optimistic outlook on the USA-Japan trade negotiations, Gold's continuously record-breaking rally paused on Thursday. Nicholas Frappell, the Global Head of Market at ABC Refinery Institutions, stated that nonetheless, the uncertainty of Trump's tariff agenda and the possibility of a Global trade war will still provide good support for Gold.

He said, "The scale and breadth of tariffs are uncertain, the strategic plans of the USA government are uncertain, and the degree of response from USA trade partners is also uncertain."

Editor/danial