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Switzerland shipped $3.6 billion of gold to Turkey in January, most since at least 2012
By Peter Hobson
Reuters
Tuesday, January 22, 2023
LONDON -- Switzerland sent 58.3 tonnes of gold worth 3.3 billion Swiss francs ($3.6 billion) to Turkey in January, by far the most for any month in records stretching back to 2012, Swiss customs data showed today.
Gold is traditionally seen as a safe means of storing wealth and Turkish demand for the metal has rocketed as sky-high inflation erodes the value of the local lira currency.
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Switzerland is the world's biggest bullion refining and transit hub. It shipped 188 tonnes of gold worth 10.1 billion Swiss francs last year to Turkey, up from only 11 tonnes in 2021.
But January's shipments are an acceleration. Switzerland's gold exports to Turkey have never previously exceeded 34 tonnes in a single month, Swiss data shows. ...
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