Osakawayne Studios | Moment | Getty Images
A strong US demand for gold is “suction” levers from some countries while traders try to supplies before US President Donald Trump Tariffs into Canada and Mexico enter high speed.
In New York’s vaults is “gold,” he told CNBC Adrian Ash, Adrian Ash, director of research Bullionvault.
More than 600 tons, or nearly 20 million ounces of gold, has been transported to the city vault since December last year, according to the data provided by the World Gold Council. This amount of gold usually does not belong to New York, said John Reade, the market strategist of the World Golden Council for Asia and Europe.
“Keep it there only when there are extraordinary circumstances,” Reade told CNBC.
The threat of gold tariffs has encouraged US banks, investors and merchants to move precious metal to the Center for Exchange of goods and other new york vaults, if otherwise usually stored in London.
“There are concerns that direct tariffs on Canada and Mexico will affect both gold and silver,” said Nicky Shiels, head of metal strategy at MKS Pamp.
The supply chains are disturbed by this huge sound of boobs, which are the United States importing gold in front of potential tariffs.
John Reade
World Golden Council
Trump recently declared it American tariffs to import from Mexico and Canada They will go forward after delaying their implementation is running out next week. February 1, US President has signed executive commands that impose 25% of tariffs on products from Canada and Mexico.
But some said investors are afraid that the tariff threat will transcend two countries.
There are concerns that the wider tariffs will also be played in the UK and Switzerland, which are also a large physical golden centers, Shiels added.
“The biggest concern is that there could be a covered tariff on all imports to the United States and that this could also be concerned with gold,” said Nikos Kavalis, General Director Metals Focus.
Canada and Mexico are among the largest exporters of gold to the United States.
AND The US imports the most gold from Canadafollowed by Switzerland, Colombia, Mexico and South Africa.
From Trump’s victory in November last November, the US Golden Future has greatly surpassed its international colleagues, creating arbitration opportunities for those who are able to transfer large quantities of levers to the United States, CNBC said in the CNBC industry.
Tariff worries
The movement was mostly attributed to traders who want to close themselves from short positions, or those who hold physical gold in New York, expecting short agreements about the future to capture a large premium.
From Thursday, the golden future listed on Comex were traded from $ 2,930.6 per ounce, while the price of a golden gold in London was $ 2,901 – a difference of almost $ 30. The premium was wider in January.
US warehouses now have four -year demand for consumers and gold, according to Bullionvault data. This, together with the production from the domestic mining industry, which is already produced enough to satisfy two -thirds of annual demand for gold annually, Bullionvault’s ashes said.
American Domestic Gold Production 2024 It is estimated to have been 160 tons, down of 170 tons of 2023According to American geological research.
Merchants believe that Trump was able to stifle 100% of the tariffs “gold imports tomorrow without the recess of the price of American gold, because there would be enough gold in the vaults, Ash said.
Although there is usually no urgent need for physical delivery of gold, investors should be sure that they can do them – something that Trump’s tariffs threaten to be disrupted.
“Very few people have to deliver deliveries normally, but you always have to be able to make deliveries,” said Reade World Gold Council.
“But if you are at once worried that you may have to pay for an import tariff, then you don’t want your gold in London, you have to have it in New York before the tariff comes,” he said.
Disorder of supply chain
The demand of demand for gold in New York’s warehouses has led to explore the world for bars for levers.
“The supply chains are disturbed by this huge suckled sound, which are the United States importing gold in front of potential tariffs,” Reade said.
Complicating factor is that Comex depositors They largely deliver a kilogram of rods towhich are usually available only in selected regions like China, Southeast Asia, the Middle East and India, he added.
“There is only a limited capacity for refineries for the production of one pound bar,” Reade said.
“Suddenly everyone was trying to adhere to one pound that eligible for accommodation in Comex warehouses and shipped them to New York, which means that other golden streams have been interrupted,” he added.
On the whole, golden pounds are diverted to the United States, market observers said. London, which is often called and The terminal market of goldsuffered great impact from the shift.
“As the market shifts gold supplies from private vaults in London in Comex vaults, the availability of metal in private vaults in London decreases,” said Metals Focus’ Cavalis director.
Large golden rods are also drawn from London to other refineries around the world where they can melt and perfected in a kiloar because Standard lever stored in London are a 400 ounce bar not a mile.
Gold reserves in London vaults fell for the third consecutive month in January. The amount of gold reserves in January was 1.7% lower than in December.
Golden Export from Switzerland to the United States In January, he also increased to the highest level at least 13 years. And Singapore delivered more gold than would usually be to the United States, Kavalis noted.
Just to protect yourself from these tariffs, the gold is shipped to the US and it is “sucking gold from the rest of the system,” Reade said.
