Gold nears $1760 in early trading; U.S. bullion imports from top Swiss refineries at record levels

(USAGOLD – 6/22/2020) –  Gold surged past the $1750 resistance level in early U.S. trading as various localities reported a resurgence in coronavirus cases. That resurgence, in turn, is re-igniting recession concerns and safe-haven precious metals’ demand among investors. Gold is up $12 at $1758.  Silver is up 31¢ at $18.00. Strong gold bullion demand among funds and institutions has been a centerpiece in gold’s strong price performance thus far this year (Please see our Chart[s] of the Day].

“The gold exports from Switzerland to the U.S. hit a new record in the month of May,” reports Paul Ploumis at the Scrap Monster website, “continuing the trend from the previous month. On the other hand, the shipments to major Asian destinations- China and India, which have been the traditional buyers of Swiss gold, witnessed notable decline. The Swiss gold shipments to the U.S. during the month totaled 126.6 tonnes, worth nearly $7 billion. This was the biggest ever monthly shipments in history. It must be noted that the country had imported 111.7 tonnes of gold from Switzerland in April this year. The gold shipments since March this year is almost 15 times more than the total shipments during the entire year 2019.” Most of the world’s top gold bullion refineries are located in Switzerland.

Chart[s] of the Day

Gold, silver and Dow Jones Industrial Average – One Year

overlay line chart showing gold silver stocks 12 months as of 6-19-2020
Chart courtesy of TradingView.com
Click to enlarge

Gold, silver and Dow Jones Industrial Average – Year to Date

overlay line chart showing gold silver stocks year to day 6-19-20

Chart courtesy of TradingView.com
Click to enlarge

Chart note:   While stocks have continued to garner considerable attention in the mainstream financial media, gold and silver have quietly outperformed the Dow Jones Industrial Average. Over the past twelve months, gold is up 28.15%, silver is up 15.93%, and the Dow Jones Industrial Average is down 3.34%.  Year to date, gold is up 14.01%, silver is down 2.28% and the Dow Jones Industrial Average is down 11.24%. 

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