Over 40% of Swiss Gold Imports go to India

Indian imports of gold from Switzerland have raised eyebrows in government circles. Data released recently by the Swiss Government showed a spike in bullion exports to India in June.  Over 40% of the gold leaving Switzerland is reportedly landing in India.

Data showed that India accounted for around 42% of total June exports. Compared to the 33% of bullion exports to India in May, this has set the alarm bells ringing  loud and clear.

Though India was recently replaced by China as the world’s largest consumer of the precious metal, it is still a major consumer of bullion. In June, the value of Swiss derived gold and silver coins was worth about $4.3 billion.

via Mineweb

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza