A record of gold export from Europe with the east coast of the United States was recorded during the Covid-19 health crisis.
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Since the end of March, more than 400 tons of gold have landed in the coffers of Comex (American gold market) in New York, indicates the Reuters agency.
And this, not by a writing game but physically! While gold is a sedentary financial asset, stock-outs on certain bullion during the Covid-19 health crisis prompted market players to send large quantities purchased in Europe to Comex in order to make gains, report Capital.
One of the most important golden movements in history
“In general, physical gold bought and sold on the markets by large institutional players does not travel much. It changes owners but often remains in safes in London, New York, Geneva or Zurich, explains Laurent Schwartz, director of the Comptoir national de l’Or. Following the outbreak of the coronavirus pandemic, we were able to observe significant international movements on the yellow metal, in particular towards the east coast of the United States… ” The scale of this migration in fact “One of the most important gold movements in history”, emphasizes the expert.
From Switzerland, in two months, the equivalent of more than thirty years of gold exports
Switzerland’s gold exports to the United States have soared to 150 tonnes, cumulatively over March and April. This represents “8 billion Swiss francs of gold exported in just 2 months, almost as much as all of the Confederation’s gold exports to the United States since 1988! “
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