Swiss Gold exports plunge by more than 50 tons during February

NEW YORK (Scrap Register): Switzerland Gold exports plunged by more than 50 tons to 88.7 tons during February this year, compared with total imports of 139 tons in January, according to the latest figures from the Swiss Federal Customs Administration.
Gold exports from Switzerland are an excellent indicator of the strength of the gold flows from the West to the East and while the February.
Swiss gold exports fell significantly during February to its lowest level since August 2014. India is the biggest importer of Swiss gold during February this year with 37.2 tons, followed by China (21.5 tons), Hong Kong (7.2 tons), Germany (4.1 tons) and Thailand. The demand was down in Hong Kong and Thailand, in particular, whereas exports to India and China increased.
India is very much a cash society and much of the gold buying pressures comes from individuals making small cash purchases when their financial situation makes this possible, and last year’s monsoon rains, and subsequent harvest, were good increasing gold demand from the enormous subsistence agricultural sector, which traditionally forms a very significant part of gold demand in the subcontinent.
Gold imports to Switzerland likewise declined by almost 50 to 185.5 tons, above all because Great Britain shipped considerably less gold to Switzerland.