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Western markets dominate Swiss gold exports for 5th month in a row in July: Metals Focus

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(Kitco News) Swiss gold exports were mostly directed at western markets, especially the U.S., for the fifth month in a row in July, says Metals Focus. "With 62t in July, deliveries to the U.S. have totaled 411t so far this year, accounting for 60% of total Swiss exports (compared to a mere 1% over 2014-19),” BMO Capital Markets reports. This level of interest seems to have a direct effect of the premium in the COMEX futures contract versus the LBMA OTC price, BMO adds. “Since March, gold held in COMEX-approved depositories have risen by over four-fold to record levels.”

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