Switzerland exported a lot of gold to Asia in November

India and Hong Kong have a huge amount of gold from Switzerland again in November Passed, according to the latest figures from Swiss customs. India imported 81.5 tonnes of gold in this month, while Hong Kong brought in almost 52.3 tonnes. China (16.5 tonnes), Singapore (6.3 tonnes) and Saudi Arabia (2.8 tonnes) also bought yellow metal. It is striking that other countries also imported a lot of precious metal from Switzerland in November, totalling more than 32 tonnes.

Compared to the previous month, India and Hong Kong in particular bought considerably more gold. Switzerland exported about 100 tonnes of the precious metal in October, but in November it was almost twice as much. In fact, since March, the demand for gold from Switzerland has not been as high as in the month of November.

Gold exports to Asia up sharply in November

More than 1,200 tonnes of gold sent to Asia

In total, Switzerland has already exported more than 1,200 tonnes of gold to Asia this year. That is more than last year, when this limit was only broken in the last month of the year. From January to November this year, India was the largest buyer with net imports totalling 472.3 tonnes. Hong Kong comes in a close second with a total import of 411.2 tonnes, followed by China with a total of 233.1 tonnes.

The trade data from Swiss customs gives us insight into the global flows of physical gold. The country is a major hub in the physical gold market, as it has an extensive network of smelters and vaults. Also, Switzerland has earned a reputation for safety and reliability throughout its history.

Total gold exports to Asia already exceed 1,200 tonnes this year

Where does that gold come from?

Now, you might be wondering where all that precious metal comes from. That's why we've also made an overview of the five countries that brought the most gold to Switzerland. In this overview, the United Kingdom is in the lead, as it exported a total of 437 tonnes of gold from January to November 2015. These are mainly LBMA bars from the vaults in London that are held by bullion banks and ETFs. A notable second is Argentina, which exported more than 350 tonnes of gold to Switzerland last year.

Furthermore, a lot of yellow iron came from the United States (168.5 tonnes) and from gold-producing countries such as Chile and Peru (135.6 and 91.5 tonnes respectively). All other countries exported a net 760 tonnes of the precious metal to Switzerland last year.