Precious Metals StoneX Bullion weekly round-up; nonfarm may be misleading
Nonfam weakness boosts metals
Rhona O'Connell
- Precious Metals
Precious Metals; talking point 061821: Indian gold reaching Switzerland - indirectly
By: Rhona O'Connell, Head of Market Analysis
Precious Metals Commentary; talking point
Rhona O’Connell | Head of Market Analysis, EMEA and Asia regions
Indian gold reaching Switzerland - indirectly.
The latest trade statistics from Switzerland show some more interesting gold flows. At the bottom line, of the trade with the 17 trade partners that we follow with respect to gold, Swiss trade came in at a net export of 28.4t. This of itself tells us nothing of note, but it splits out as gross imports of 61t and gross exports at 90t, the latter being a four-month low.
The 2020 figures were massively distorted because of the heavy exports to the United States in the rush to get metal into COMEX warehouse in case of being called for delivery, while on the other side of the market most regional consuming nations, certainly in Asia, slowed almost to a stop. Comparing figures for the first five months against January-May 2019 shows gross exports to our monitored trading partners of 541t for a monthly average of 108t this year, while two years previously the equivalent numbers were only marginally higher, at 524t for a monthly average of 105t. This is largely borne of bargain hunting in the early part of this year, and particularly the release of pent-up demand in China in the New Year celebrations, momentum that has largely been sustained.
The key issue here is India. After a very meagre year last year, with a monthly average for the year as a whole of just 15t, demand took off in the first months of 2021, for an average of 60t in January to April. In May, however, with the pandemic taking hold once more and sadly confining many people to their homes amid lockdown, Switzerland exported just two tonnes of gold to India last month. While the statistics show no direct imports from India into Switzerland so far this year, any domestic resale of gold that comes out of the country will tend to go into the Emirates; if there is little demand in that region the gold will often be sent on to Swiss refineries. In the first five months of 2021 the UAE sent just 30 tonnes of gold to Switzerland; in January to May last year that rose to 82t and in the first five months of this year it was 46t, with 26t of that coming in May.
Swiss net trade with selected counterparties, tonnes
Swiss net trade with our monitored counterparties combined; tonnes
Source: Swiss Federal Customs Administration, StoneX
Meanwhile in the Far East, net trade with China (Hong Kong, China and major south-east Asian gold consuming-countries) posted net imports of gold from Switzerland of 131t in the first five months of 2019. Last year that figure was a net export to Switzerland of 60 tonnes; this year to date, a net import of 118t, reflecting the bargain hunting mentioned above.
Last month was slow, with anecdotal reports of domestic sales translating into net exports to Switzerland in May. Following the recent slump in prices in response to the Fed’s subtle shift and the possibility of disagreements on the Committee (see yesterday’s note here), next month’s numbers will show whether the market is bargain hunting for standing aside awaiting stabilisation.
- Precious Metals
This material should be construed as market commentary and represents the opinions and viewpoints of the author, and does not reflect tailored advice associated with any specific account.
The views are current only through the date stated and are subject to change at any time based upon market or other conditions, and StoneX Group Inc. (“SGI”) disclaims any responsibility to update such views. Actual results, performance, or achievements may differ materially from those expressed or implied. Information is based on data gathered from what we believe are reliable sources. Past performance does not guarantee future results.
The StoneX Group Inc. group of companies provides financial services worldwide through its subsidiaries, including physical commodities, securities, exchange-traded and over-the-counter derivatives, risk management, global payments and foreign exchange products in accordance with applicable law in the jurisdictions where services are provided.
References to certain OTC products or swaps are made on behalf of StoneX Markets, LLC (SXM), a member of the National Futures Association (NFA) and provisionally registered with the U.S. Commodity Futures Trading Commission (CFTC) as a swap dealer. SXM’s products are designed only for individuals or firms who qualify under CFTC rules as an ‘Eligible Contract Participant’ and who have been accepted as customers of SXM.
StoneX Financial Inc. (SFI) is a member of FINRA/NFA/SIPC and registered with the MSRB. SFI is registered with the U.S. Securities and Exchange Commission (SEC) as a Broker-Dealer and with the CFTC as a Futures Commission Merchant and Commodity Trading Advisor. StoneX Financial (Canada) Inc. (SFCI) is registered in Canada and is a member of CIRO and CIPF. References to certain securities trading are made on behalf of the BD Division of SFI and are intended only for an audience of institutional clients as defined by FINRA Rule 4512(c). References to certain exchange-traded futures and options are made on behalf of the FCM Division of SFI. Wealth Management is offered through SA Stone Wealth Management Inc., member FINRA/SIPC, and SA Stone Investment Advisors Inc., an SEC-registered investment advisor, both wholly owned subsidiaries of SGI.
R.J. O’Brien & Associates, LLC (RJO) is registered with the CFTC as a Futures Commission Merchant and is a member of NFA.
StoneX Financial Ltd (SFL) is registered in England and Wales, company no. 5616586. SFL is authorized and regulated by the Financial Conduct Authority (FCA) (registration number FRN:446717) to provide services to professional and eligible customers including: arrangement, execution and, where required, clearing derivative transactions in exchange traded futures and options. SFL is also authorized to engage in the arrangement and execution of transactions in certain OTC products, certain securities trading, precious metals trading and payment services to eligible customers. SFL is authorized and regulated by the FCA under the Payment Services Regulations 2017 for the provision of payment services. SFL is a category 1 ring-dealing member of the London Metal Exchange. In addition SFL also engages in other physically delivered commodities business and other general business activities which are unregulated and not required to be authorized by the FCA.
This communication is issued in the European Economic Area by StoneX Financial Europe GmbH (SFEG). StoneX is the trade name used by STONEX GROUP INC. and all its associated entities and subsidiaries. StoneX Financial Europe GmbH (“SFEG”) is a securities trading firm registered in Germany under Company No. HRB 80844.
StoneX APAC Pte. Ltd. (“SAP”) (Co. Reg. No 200616676W) is regulated as a Dealer (PS20190001002) under the Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Act 2019 for purposes of anti-money laundering and countering the financing of terrorism. SAP is an “Approved International Trading Company” authorized to act as a “Spot Commodity Broker” under the Commodity Trading Act.
StoneX Financial Pte Ltd (Co. Reg. No 201130598R) (“SFP”) is regulated by the Monetary Authority of Singapore and is a Capital Markets Service Licence holder (for dealing in capital market products), an Exempt Financial Adviser (for advising on investment products and issuing or promulgating analyses/ reports on investment products) and a Major Payment Institution (for domestic and cross-border money transfer services).
SFP may distribute analysis/report produced by its respective foreign affiliates within the StoneX Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations Recipients should contact SFP at (65) 6309 1000 for any matters arising from, or in connection with, this webinar.
StoneX APAC Pte. Ltd. (“SAP”) (Co. Reg. No 200616676W) is regulated as a Dealer (PS20190001002) under the Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Act 2019 for purposes of anti-money laundering and countering the financing of terrorism.
StoneX Financial (HK) Limited (CE No.: BCQ152) (“SHK”) is regulated by the Hong Kong Securities and Futures Commission for Dealing in Securities and Dealing in Futures Contracts.
StoneX Financial Pty Ltd (ACN 141 774 727) holds an Australian Financial Service License (AFSL: 345646) for Dealing in Securities, Exchange-Traded Derivatives Contracts, OTC Derivatives Contracts and Foreign Exchange Contracts, and is regulated by the Australian Securities and Investments Commission.
StoneX Securities Co., Ltd. (“SSJ”) (Co. Reg. No 010401047199) is regulated by the Japanese Financial Services Agency as a Type-I Financial Instruments Business Operator (Kanto Local Finance Bureau (FIBO)No.291’), is a member of the Financial Futures Association of Japan for dealing and broking FX and FX Option transactions, and is a member of the Japan Securities Dealers Association for dealing and broking stock indices and option transactions.
Trading swaps and over-the-counter derivatives, exchange-traded derivatives and options and securities involves substantial risk and is not suitable for all investors. Past performance of any futures or option is not indicative of future success. Indicators are not a trading system and are not published as a specific trade recommendation. The information herein is not a recommendation to trade nor investment research or an offer to buy or sell any derivative or security. It does not take into account your particular investment objectives, financial situation or needs and does not create a binding obligation on any of the StoneX group of companies to enter into any transaction with you. You are advised to perform an independent investigation of any transaction to determine whether any transaction is suitable for you. No part of this material may be copied, photocopied or duplicated in any form by any means or redistributed without the prior written consent of StoneX Group Inc.
The report/analysis herein is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation.
© 2026 StoneX Group Inc. All Rights Reserved.
Discover more insights
Our subscribers have access to comprehensive market analysis from StoneX spanning commodities, equities, currencies and more.
Related articles for Precious Metals
Gold's August Advantage Rests on a Quarter Century of Seasonal Data
Gold's breakout has landed in a month that history has repeatedly favored, and the seasonal record stretching back to 2000 helps explain why. A closer look at August returns, win rates and how the calendar shifts into September shows where the seasonal edge is strongest and where it fades.
Editorial Team
- Precious Metals
Silver Has Become Hostage to Every Twist in U.S.-Iran Diplomacy Now
Silver's push above its summer range has less to do with supply and more to do with a single diplomatic thread. A potential U.S.-Iran deal has become the swing factor for a breakout that is far from confirmed.
Editorial Team
- Precious Metals
StoneX: We open markets
Our market expertise, advanced platforms, global reach, culture of full transparency and commitment to our clients’ success all set us apart in the financial marketplace.
Reach
With access to 40+ derivatives exchanges, 180+ foreign exchange markets, nearly every global securities marketplace and numerous bilateral liquidity venues, StoneX’s digital network and deep relationships can take clients anywhere they want to go.
Transparency
As a publicly traded company meeting the highest standards of regulatory compliance in the markets we serve, our financials and track record are matters of public record. StoneX’s commitment to “doing the right thing over the easy thing” sets us apart in the industry and helps us build respect, client trust and new partnerships.
Expertise
From our proprietary Market Intelligence platform to “boots-on-the-ground” expertise from award-winning traders and professionals, we connect our clients directly to actionable insights they can use to make more informed decisions and achieve their goals in the global markets.