After months of a transatlantic gold rush to the U.S., the flow of bullion is now reversing—heading back to Switzerland. The dramatic shift comes as gold, silver, and platinum were officially excluded from former President Donald Trump’s latest round of reciprocal tariffs, removing a key incentive that had been pushing precious metals into U.S. vaults.
According to fresh data released by Swiss customs on Thursday, gold imports into Switzerland from the United States surged to 25.5 metric tons in March—more than double February’s 12.1 tons. At the same time, Swiss gold exports to the U.S. plummeted by 32% to 103.2 tons, signaling a clear reversal in trade momentum.
This change follows a chaotic few months in the precious metals market. From December to March, over $80 billion worth of gold, silver, and platinum were flown into the U.S. and stored in warehouses approved by Comex, part of the CME Group. The rush was sparked by fears that Trump’s broad tariff measures would soon target bullion imports. As a precaution, traders funneled metals into the U.S., driving logistics firms and Swiss refineries into overdrive.
Now that those metals have been spared from new levies, the urgency has faded. The once-sky-high premiums for gold futures in New York are also cooling off, making the U.S. less attractive as a holding ground for bullion.
Data from Comex shows eight consecutive days of gold outflows—the longest streak in 14 months. Gold inventories in Comex-approved facilities have fallen by 1.5 million troy ounces, worth approximately $4.8 billion, since April 4. That brings current holdings to 43.6 million ounces (about 1,357 metric tons), down from a record high of 45.1 million ounces.
A source at a Swiss refinery confirmed that some of the gold now exiting U.S. vaults is returning to Switzerland, which remains the world’s leading hub for refining and transiting bullion.
Still, not all of it is heading home just yet. Analysts suggest that some gold is staying in the U.S. as a hedge against ongoing economic uncertainties, including trade tensions and monetary policy shifts. Ross Norman, an independent analyst, pointed out that the U.S. typically consumes around 115 tons of gold annually through physical bars and coins. That means the remaining gold stockpile—mostly kilobars—could satisfy that demand for over a decade.
For now, the gold logistics and refining industry is thriving, thanks to this whirlwind period of movement. Whether this new trend stabilizes or reverses again depends on the next steps in Trump’s evolving trade strategy and the global economic outlook.
