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> requires a lot of security and is a risk

and has a cost

I’m not sure 100% sure, but I imagine the cost of transporting to Europe is probably higher than the cost of refining to the European standard.

Switzerland has 4 of the 15 biggest gold refineries in the world in 2026

Yeah, I know most of the gold that goes to Europe from the US usually gets refined in Switzerland.

I have no idea what portion of the total cost that is to move gold from US to Switzerland. I imagine it’s less than the insured carrier service.