The Swiss customs service published data on the results of November 2020. From them it follows that in November, 95.81 tons of gold were exported from the country in the amount of 5 billion francs (4.6 billion euros). Compared to October, the export of precious metals rose by 3.4%, and in annual terms the growth was 44%. It is worth recalling that Swiss refineries process half of the world's investment gold and supply gold bars to the world market. India became the largest recipient of Swiss gold in November, as in October. It imported 22 tons of precious metals - an increase of 35% in annual terms. Moreover, 20 tons of gold were sent to the United States - an increase in two times in annual terms, and compared to October, the growth was 16%. In total, since the beginning of 2020, Switzerland has sent 493.7 tons of precious metal to the States. The record month was May with a volume of 126 tons. This was due to a shortage of gold on the futures exchange in New York, as investors began to demand delivery of the physical precious metal. Apparently, New York-based COMEX continues to build up its stocks amid increased demand for physical gold. In a growing crisis, investors prefer to own a real asset, rather than its paper equivalent. Germany imported 6 tons of gold from a neighboring country in November - this is the largest volume since April, when 8.2 tons were imported. With regard to imports of gold to Switzerland, in November this figure showed a decrease of 13% to 148.94 tons in the amount of 5.3 billion francs. However, in annual terms, an increase of 15% was recorded. Most of the gold was imported from the USA (almost 15 tons). Then comes Hong Kong (11 tons) and Italy (8 tons). Moreover, Peru sent 22 tons of gold to Switzerland, but it was of poor quality with low purity. Most likely, this gold was mined in the country's deposits and needed refining. Swiss factories are known for their high quality refining. It is also worth mentioning that the movement of gold between the US and Europe (plus the UK) is mainly due to investments in ETF funds. The fact is that most of the gold reserves of the largest "gold" ETF SPDR Gold Trust are stored in London. As the sales of his shares grow, he has to constantly replenish his stock.