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The rush of gold shipments in the US has led to a lack of lever in London, as New York traders contain $ 82 billion supplies for fear of the Tariff Trump administration.
Waiting to pull the levers stored in the Treasters of England’s Treasury, from a few days to between four and eight weeks, according to people who are familiar with the procedure, while the central bank is struggling to keep up with the demand.
“People can’t get their hands gold Because so much was shipped to New York, and the rest was stuck in order, “said an industry executive.” Liquidity in the London market has been reduced. “
Boe refused to comment.
Of November American electionsGold traders and financial institutions have moved 393 metric tonnes to Comex goods in New York, increasing inventory levels by almost 75 percent, to 926 tons, which is the highest level since August 2022.
Total gold in the US can be far greater than Comex numbers are reflected in the market participants, because there are probably additional shipments in private vaults in New York owned by HSBC JPMORGAN. Two banks refused to comment.
Traders say shipments are intended to avoid tariffs on a lever so that some fear could be introduced by US President Donald Trump.
“There is a feeling that Trump could cross the board and impose new tariffs of raw materials coming to the US, including gold,” said Michael Haigh, head of exploration of goods at Société Générale. “There is a somewhat altercation among participants in the gold market to protect themselves.”
Consignment is also the result of higher prices on the exchange of the future in New York than in the Gotovina market in London. An unusual opportunity for arbitration encouraged traders to send metal via the Atlantic.
Trump has yet to write his trade policy and did not particularly mention the duty on the levers, although he threatened to impose broad tariffs on the US import.
Gold prices have increased by 5 percent from the beginning of the year, and in October only $ 30 are shy of all time records of $ 2,790 per three.
London and New York are two major global markets for trading, and most of physical trading is in the UK, while the future of the future is in the United States.
Many market participants compare the current American gold rush with a situation during a forged pandemic, when the locking and insecurity in relation to gold shipments launched an increase in supplies on Comex.
Boe stores gold for third parties such as financial institutions, as well as for other central banks and British treasury.
Comex Gold stocks have increased by 36 percent this month, with 244 metric tons of influx – the highest monthly influx of May 2020, at the height of pandemic. Traders said they needed access to gold to meet certain future contracts, which allow the buyer physical delivery of gold.
“The movement of gold needs to go to New York, it is basically what drives” stocks, “said Joe Cavatoni, a market strategist at the World Council for Gold.” This leads many people to say, “We want in advance,” on the premium futures market. “
However, Cavatoni said it was cautiously optimistic that the upcoming tariffs would not most likely refer to levers. “We don’t get a sense of rhetoric from the administration to intend to go after monetary metals,” he said.
Last week, June contracts for physical gold at Comex traded with a premium up to $ 60 per three UNCA over the price in London. The difference has since fallen to $ 10 by three because the merchants moved gold to New York.
