Exports dropped by around 67% in April to just 15.1 tonnes.
Switzerland Mining News
During a period of polarizing precious metals and industrial commodity pricing, Rick Rule, Chairman of Sprott U.S. Holdings was kind enough to share a few comments—opining on global counterparty risk, resource capital markets, capitulation, and more.
Customs data shows the world's second largest gold miner Russia exported 58 tonnes to be refined in Switzerland last year, but got less than 3 tonnes back.
But it lost its gains right after two ECB officials said policy makers would propose purchasing 50 billion euros in assets per month through the end of 2016.
Past policies of the Swiss National Bank towards gold backfired badly. But last week's fiat money fiasco could be the real game changer.
If anyone had any doubt how severely the global economy has been distorted by the actions of central bankers, the "surprise" announcement last week by the Swiss National Bank (SNB) to no longer peg the Swiss franc to the euro should provide a moment of crystal clarity.
Volumes remain high in the bullion markets and volatility is higher if anything.
Peter Schiff responds to the failure of the Swiss gold referendum this past weekend.
The “spectacular” fail of Switzerland’s gold referendum should help maintain gold’s current down trend, said one market analyst.
France is the world's fifth-largest holder of gold, only behind the U.S. Germany, the IMF and Italy.
All eyes should now be focused on the Swiss voters.
British fund manager Ben Davies says that gold prices’ most recent collapse is part of central bank efforts to discourage Swiss voters from supporting the gold initiative to be decided at referendum on November 30.
On November 30, the Swiss head to the polls on three separate initiatives, one of which is on backing their reserves with at least 20% gold.
Switzerland has to buy up to 1,800 tonnes of gold in a yes vote, but Deutsche Bank says window dressing using derivatives would limit impact on gold price.
"If they do launch a buying program, the Swiss central bank would have effectively a constant bid in the market."
In the video statement below, Peter Schiff makes a direct appeal to Swiss voters to pass the Save Our Swiss Gold initiative on November 30th
Swiss support for referendum that would force the Swiss National Bank to hold 20% of its reserves in gold falls in latest poll.
If the Swiss vote yes in next month's referendum its central bank needs to buy back 1,500 tonnes of gold sold for $300–$500 an ounce a decade ago.
The initiative seeks to force the SNB to keep at least 20% of its assets in the metal and repatriate gold reserves held abroad.
A proposal that the Swiss National Bank should hold a fifth of its assets in gold and be prohibited from selling the precious metal in the future would severely restrict its ability to conduct monetary policy, the WSJ reports.
The country now accounts for 42% of Swiss exports of both precious metals.
Swiss customs data for May show delivery from UK gold vaults to Switzerland's refineries jumping 32% to 32 tonnes, just as Chinese buying tanks 83%.
The European nation is the conduit for gold moving from West to East and business soared 77% year on year.
Bundesbank board member says talks ongoing and Germany has no plans to start selling its bullion again anyway.
Its bullion reserves are now worth about $17 billion less.