Swiss gold exports surged 44% month-over-month in June to the highest level since March, driven by bullion flowing back to UK vaults from the United States. Exports to the UK jumped dramatically to 83.8 metric tons – the highest since August 2019 – as gold that was shipped to the US earlier this year to cover potential tariff risks returned after President Trump excluded bullion from reciprocal tariffs in April. London vault holdings rose 2.1% to 8,776 tonnes, the highest since August 2023.

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Silver Eyes Record Highs as Fed Signals Cuts
Markets are digesting the Fed’s signal of two rate cuts in 2025, with the dollar swinging, jobless claims dipping, and recession indicators flashing red. Meanwhile, silver is surging — outpacing gold and closing in on record highs. Here’s what today’s key economic news means for precious metals investors.