Swiss gold shipments to US soared in July

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. +Get the most important news from Switzerland in your inbox 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). + How should Switzerland respond to the US tariffs? 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 ...