Silver Rises Over 120% YTD 
Swiss gold exports to the United States surged dramatically in December, jumping eleven-fold to 64.2 tons – the highest level since March 2022.
The surge, valued at nearly $6 billion, was driven by traders rushing to secure bullion ahead of potential tariffs.
The market response was immediate and significant, with Comex gold futures commanding premiums exceeding $50 an ounce over London spot prices, creating profitable arbitrage opportunities.
The ripple effects extended beyond the US market, as Swiss gold exports to the UK simultaneously surged more than thirteen-fold to 14 tons, while total Swiss exports actually decreased by 4.5% to 123 tons due to reduced shipments to Asian markets. This unprecedented movement of precious metals highlights how trade policy uncertainty can rapidly reshape global commodity flows and create significant market dislocations.
