Core Insights - Swiss gold exports to the United States surged significantly in July, reaching the highest level since March, with a total of 129 tons exported, representing a year-on-year increase of over 50% [1] - The volume of gold exported to the U.S. in July was nearly 51 tons, a staggering increase of 169 times compared to the previous month, where exports were less than 0.3 tons [1] - In the first seven months of the year, Switzerland exported nearly 1,040 tons of gold, with 518 tons going to the U.S., accounting for nearly 50% of total exports [3] Trade Data - The value of gold exported to the U.S. in the first seven months was 429.4 billion Swiss francs, while the total value of goods exported from Switzerland to the U.S. was 356.5 billion Swiss francs, resulting in a trade surplus of 274.8 billion Swiss francs [3] - In January, Swiss gold exports to the U.S. peaked at nearly 193 tons, but this volume gradually declined to 1.8 tons in May and only 288 kilograms in June [3] Global Demand Trends - The World Gold Council reported that global gold demand reached 1,249 tons in the second quarter of 2025, a 3% year-on-year increase, driven primarily by strong investment inflows [3] Swiss Gold Industry Context - Switzerland is the largest gold refining and trading center globally, refining 50% to 70% of the world's gold annually [4] - The country has established a solid reputation in precious metal refining and trading since the late 1960s, following its emergence as a major refining center [4] Trade Concerns - Concerns arose regarding potential tariffs on gold imports to the U.S., with previous statements from former President Trump suggesting a 39% tariff on Swiss imports, although it was later clarified that gold would not be subject to these tariffs [6] - The Swiss Precious Metals Manufacturers and Traders Association expressed that imposing tariffs on gold would significantly impact trade between Switzerland and the U.S. [6] Economic Analysis - The Swiss National Bank (SNB) indicated that changes in trade balance driven by gold should be interpreted cautiously, as they reflect global factors rather than changes in the Swiss economy's fundamentals [7] - The majority of the value in gold exports comes from the gold itself rather than Swiss labor or production, with the industry generating only a few hundred million dollars in annual profits despite high export values [7]
7月瑞士黄金对美出口激增169倍,51吨黄金恐再引发贸易平衡焦虑
Di Yi Cai Jing·2025-08-22 03:01