“The London Bullion Market Association said that the daily cleared trading volume on the London market by its members hit a 12-year high of 900 tonnes — worth $39 billion — in June on the back of ‘strong physical demand particularly from China and India.’ At the same time Swiss gold refiners, such as Metalor, Pamp, Valcambi, and Argor-Heraeus, have enjoyed a boom, melting down large 400-ounce bars from London vaults and reprocessing them into smaller products that are preferred by Asian buyers. ‘The Swiss are running three or four shifts to keep the refineries going non-stop. They’re throwing bodies at it,’ said one senior gold trader.”

http://www.gata.org/node/12938

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