UK Gold Exports Double the Volume of ETF in 2013: HMRC

LONDON (Scrap Monster) : According to a latest research report, the 2013 Gold exports in UK were found to be nearly twice the volume of ETF (Exchange Traded Fund). When compared to 2012, the export of gold that was found at 160 tones increased to a total of 1,739 tones in 2013 which accounted for physical gold bullion. The new report was released by the HMRC tax authority of UK to the Eurostat Agency of the European Union.

As per the estimate report provided by Mr. Matthew Turner, the top analyst of Macquarie Bank, UK gold imports in 2013 was found to increase more than 5 times and accounted for 60 % of the annual world gold mining output. The UK exports were therefore found to be at nearly twice the outflow of gold from the ETF gold trusts. These factors benefited vaulting gold in London to back their shares. Heavy sales by investors was also seen which arose as a result of the gap between gold ETF sales and UK exports of gold.

Gold price was found to decline by 28 % in 2013, which is known as the fastest fall since 1982. According to Turner, the gold flow from UK to Asia through Switzerland is the major factor that reflects the gold market of 2013. While looking through the graph of UK gold exports against the ETF fund outflows, Turner states that the trend seems to have matched quite closely with a lag of one month. 77 % of UK’s total gold exports in 2013 accounts to Switzerland. Turner also predicts that the ETF outflows would resume in the coming months.