The subterranean flow of gold from the West to the East keeps on keeping on!
Swiss exports of gold to China surged in July, according to the latest reporting from Reuters.
More than 80 metric tons of gold worth $4.6 billion made its way from Switzerland to China in June. That is up from 32.5 tons shipped in June and is the second highest monthly total in the ten years that numbers have been tracked
Altogether in July, Switzerland, the largest gold refining and transit center, shipped 186.2 tons of gold. 15.8 tons of that went to India, the most sent to India since 2016.
According to Reuters, Swiss customs data shows that “Switzerland imported 261 kilograms of gold from Russia, taking the total imported during May, June, and July to 3.6 tons worth 225 million Swiss francs ($235 million).
Although Switzerland banned imports of Russian gold following the invasion of Ukraine, according to Reuters, Swiss customs officials say “the imports in May and June were of Russian gold but that the metal came from Britain, a major gold storage center. They said they had no evidence that the gold was produced after Russia invaded Ukraine.”
This news is just additional evidence that the world center for gold is shifting to the East. China’s total gold holdings continue to climb, with much of its position unreported. In addition to its central bank’s official gold reserves, many authorities have concluded that even more gold reserves are held off the books by entities like the Communist Youth League and by China’s army.
It has been our repeated observation that nations and cultures that are net acquirers of gold tend to dominate the affairs of mankind, while those, like the West, that dishoard gold tend to become subordinated to them.
We believe that what is good for the monetary health of nation-states as they jockey among one another for dominance is also good for individuals. Just as gold can prefigure the rise and fall of nations, it provides superior wealth preservation for individuals, especially during periods in which the world is being shaken.
Find out more. Speak with a Republic Monetary Exchange gold and silver specialist today.