UK gold exports surge tenfold The First Half Of 2013 August 20th 2013

The UK’s gold exports have surged nearly tenfold this year as investor selling drives the bullion out of London vaults into the hands of Asian consumers.

UK gold exports to Switzerland, the hub of the gold refining industry, leapt to 798 tonnes in the first six months of the year, up from just 83 tonnes in the first half of 2012, according to data from Eurostat, the European Union’s statistics office.

The exports – worth €29bn and equivalent to nearly 30 per cent of global annual mine production – underscore the scale of the shift in gold ownership taking place as western investors lose their enthusiasm for the metal.

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