Where does the Swiss gold go?

swissThe Swiss gold exports to India showed a significant increase in October 2014. According to the latest statistics published by the Swiss Customs Administration, the gold exports to India during 2014 has peaked.

The Swiss gold exports to India in October 2014 showed 2.8 billion Swiss francs, 30% increase compared to the previous month. In September 2014 Swiss gold exports to India was capped by 2.2 billion Swiss francs.Meanwhile the total price of the gold imported from Switzerland for the first 10-month period was 14.2 billion Swiss francs. With these figures India became the largest gold importing country from Switzerland.

Gold imports peaked in September and October 2014 in India. While the total sum of the gold imports was $3.75 billion in September, this number rose to $4.17 billion in October. There are some speculations that 60-70% of Switzerland’s gold exports to India were provided during these two months.

Although there has not been any direct official announcement from neither of these countries it is believed that there is a large amount of money laundering carried out via gold trading. The Indian government has pledged to do whatever it takes to fight the money laundering.

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