The US is lowering tariffs on Swiss goods from 39% to 15%. The change also covers refined gold, helping secure an important export market for Swiss refiners. IIt is difficult to visualise the enormous quantity of gold that arrives in Switzerland every year. In 2023, Switzerland imported approximately 2,372 tonnes of gold worth CHF 91 billion, while exporting 1,564 tonnes valued at CHF 88 billion, according to the Federal Customs Administration. These flows confirm Switzerland’s continuing role as the world’s largest importer and exporter of gold by value. Global mine production today stands at just over 3,300 tonnes per year (USGS). Switzerland refines roughly one-third of this newly mined gold, in addition to large volumes of recycled and investment-grade gold. When including recycled and informal-sector material, a substantial share of the world’s refined gold supply still passes through Switzerland, with estimates ranging between one-third and one-half depending on global market …