Market Data

This is the swap between London spot and New York futures. If spot buying in London is extremely strong (e.g., central banks are accumulating), it will cause London spot prices to be more resilient than New York futures prices, or even show a "spot premium".

Switzerland is the world's largest gold refining center, and the UK is the largest storage center. Watching Swiss exports to the UK (replenishing inventory) or UK exports to Switzerland/Asia (inventory outflow) provides the most direct view of whether global physical gold is "accumulating" or "depleting". Additionally, the Switzerland-to-US leg has become increasingly important — surging Swiss gold exports to the US often signal arbitrage flows driven by the COMEX futures premium over London spot. Potential US tariffs on gold imports could further widen this premium, accelerating physical gold shipments from Swiss refineries to New York vaults and tightening supply in London and Asia.