In a significant shift in the global gold market, a steady flow of gold is being transported back to Switzerland from the United States. This movement comes on the heels of President Donald Trump’s recent announcement that exempted gold, silver, and platinum from tariffs, which had initially prompted a surge in gold imports to the U.S. as a precaution against potential tax measures.
According to Swiss customs data released on April 17, 2025, the amount of gold imported from the U.S. surged to 25.5 tons in March, marking the highest level in over a year. This figure is a dramatic increase from just 12.1 tons in February. Conversely, Switzerland's gold exports to the U.S. fell by 32%, down to 103.2 tons during the same period, according to reports from Reuters.
The recent data from the COMEX exchange, which is the largest metal futures exchange in the world, indicates that gold reserves have been withdrawn for eight consecutive days—a notable occurrence that has not happened in over a year. Since April 4, 2025, the amount of gold in storage at COMEX has decreased by 1.5 million ounces, equivalent to approximately $4.8 billion, bringing the total reserves down to 43.6 million ounces (or 1,357 tons).
This shift in gold movement can be traced back to the months leading up to April when traders worldwide were hastily transporting gold to New York in anticipation of potential tariffs. However, with the announcement that gold and other precious metals would not be subject to tariffs, the wave of imports has significantly cooled, prompting a reversal in the flow of gold back to Switzerland.
As reported by the World Gold Council (WGC), more than 600 tons of gold were transferred to warehouses in New York between December 2024 and March 2025, a period during which logistics companies and metal smelters in Switzerland were busier than usual. Analysts attribute the initial influx of gold to fears of impending import taxes, which led banks, investors, and traders in the U.S. to rapidly bring precious metals from abroad.
Traditionally, precious metals were stored in locations such as England and Switzerland, but the recent surge in imports to the U.S. had shifted that trend. The price of gold in the U.S. has also risen sharply since Trump’s re-election, creating opportunities for price arbitrage, which further incentivized the flow of gold into the country.
Despite the current exodus of gold back to Switzerland, some analysts suggest that a portion of the gold will remain in the U.S. as a hedge against ongoing global economic instability. Ross Norman, an independent analyst, noted, "This is a great time for the gold shipping and refining sector." He emphasized that the amount of gold currently in COMEX warehouses is sufficient to meet U.S. demand for nearly 12 more years, with the U.S. consuming approximately 115 tons of gold in the form of coins and bullion each year.
The fluctuations in gold imports and exports underscore the dynamic nature of the precious metals market, particularly in response to changing political and economic landscapes. With Goldman Sachs forecasting that the price of gold could rise to between $3,650 and $4,500 per ounce in the event of an economic recession, the gold market remains a focal point for investors and traders alike.
As the situation unfolds, the logistics and refining sectors in Switzerland are poised to benefit from the renewed demand for gold, as the country continues to be a central hub for gold refining and transportation worldwide. The recent developments highlight not only the volatility of the gold market but also the intricate global supply chains that react to political decisions and market pressures.
In summary, the recent exemption of gold from tariffs has prompted a notable reversal in gold flow from the U.S. back to Switzerland, with significant implications for both nations' economies and the global gold market. As the demand for gold remains strong amid economic uncertainties, the logistics and refining sectors are likely to see continued activity in the months ahead.
