After months of being rapidly flown into the United States, gold is now flowing back to Switzerland as fears over broad U.S. tariffs on bullion ease. The reversal follows Washington’s decision to exclude gold, silver, and platinum from President Donald Trump’s reciprocal tariffs prompting a shift in global bullion logistics.
Swiss customs data released on Thursday showed gold imports from the U.S. rose sharply to 25.5 metric tons in March more than double the 12.1 tons imported in February marking a 13-month high. Meanwhile, gold exports from Switzerland to the U.S. fell 32% month-on-month to 103.2 tons, indicating a significant slowdown in outbound shipments.
Since December, logistics firms and Swiss refineries were stretched handling more than $80 billion worth of gold, silver, and platinum delivered to Comex-approved warehouses in New York. The rush was sparked by market fears that the U.S. might impose tariffs on bullion imports. That urgency has now subsided, and the bullion flow is beginning to reverse.
Data from Comex, a key part of the CME Group, shows that U.S. gold warehouses experienced eight consecutive days of outflows the first such stretch in over a year as the futures market premium normalized. Comex gold stocks have fallen by 1.5 million troy ounces since their April 4 peak of 45.1 million ounces, currently standing at 43.6 million ounces (1,357 metric tons).
A source at a major Swiss refinery confirmed that part of the outflow from U.S. vaults is returning to Switzerland, which remains the world’s top hub for gold refining and transit. While the outflows are expected to be modest in the short term, the shift signifies a return to more traditional trade patterns.
Independent analyst Ross Norman noted that with the U.S. consuming around 115 tons of physical gold annually, the current Comex kilobar stocks are sufficient to serve this demand segment for over a decade.
“It’s a great time to be in gold logistics and refining,” Norman added, reflecting the booming activity across bullion supply chains amid easing policy tensions.
