December saw a dramatic shift in global gold flows as Switzerland, Europe’s primary refining hub, exported 64.2 tons of gold to the United States – the highest volume since Russia’s invasion of Ukraine and an eleven-fold increase from November levels. This surge, valued at nearly $6 billion, was primarily driven by traders’ concerns about potential tariffs and their rush to cover short positions. The movement created significant market dynamics, with Comex gold futures trading at premiums exceeding $50 an ounce over London spot prices, creating profitable arbitrage opportunities. The ripple effects of this shift were felt in other markets, with Swiss exports to the UK also jumping thirteen-fold to 14 tons, while simultaneously tightening supply in London’s bullion market. Despite these dramatic increases in Western-bound shipments, overall Swiss gold exports actually decreased by 4.5% to 123 tons, marked by notable declines in exports to traditional major buyers China and India.