by Frik Els, Mining.com:
While calming down considerably from the torrid pace of previous years, the movement of physical gold and silver from West to East continues unabated.
The process playing itself out goes roughly like this:
ETF investors in the US and other developed markets offload their gold holdings allocated to them and held in the UK, where most of the world’s gold vaults are to be found.
From the UK the bullion is exported to Switzerland. A staggering 70% of global gold is processed by just four big Swiss refineries: Valcambi, Argor Heraeus, Pamp and Metalor. Raw gold, often of low purity, is refined, melted down and recast into smaller bars in the country.
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