The UK’s Gold Exodus Continues

The UK Net Exported 201 Tons Of Gold In July, YTD 1018 Tons.

UK gold export increased in July compared to June. After net exporting 145 tons in June, gold trade soared and hit a m/m growth of 39 % to 201 tons in July, according to Eurostat.

The gold that is been exported by the UK is mainly going to Switzerland, that received 120 tons in July, down 20 % from 149 tons in June. Export to Hong Kong (directly) surged to 31 tons in July, from 8 tons in June, which was a gain of 278 %. Net gold export to the UAE (Dubai) was up 230 % from 12 tons in June to 40 tons in July.

Net export YTD:

UK to Dubai, 130 tons.
UK to Hong Kong, 89 tons.
UK to Switzerland, 904 tons.
UK total net export, 1018 tons.

A lot of these exports presumably come from GLD’s vault that lost 422 tons YTD (on 1-8-2013). Total net export YTD is 1018 tons, if we subtract 422 (GLD) from that we get 596 tons. This amount could only have come from the LBMA vaults.