“Britain’s gold exports to Switzerland surged in the first half of this year, Australian bank Macquarie said on Monday, suggesting bullion being sold out of exchange-traded funds may be heading for Swiss refineries before being sold on in Asia. The UK exported 240 tonnes of gold to Switzerland in May alone, while its exports over the first half of this year totalled 797 tonnes. In contrast, Britain exported just 92 tonnes of bullion to Switzerland in the whole of last year. ‘The UK does not have gold mines, so where has it all come from? The obvious source is the gold exchange-traded funds (ETFs), most of which hold their gold holdings in London vaults, and which saw huge outflows in 1H 2013,’ Macquarie said.”
http://www.reuters.com/article/2013/08/19/gold-uk-exports-macquarie-idUSL6N0GK2M920130819
Tip Freedomwat.ch Staff with Bitcoin