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London’s bullion market is experiencing significant strain as banks rush to borrow gold from central banks following a massive flow of metal to the United States.
Over two months, COMEX warehouse stocks increased by 12.2 million ounces (70%), driven by fears of potential US import tariffs.
The movement, sparked by speculation about potential Trump administration import tariffs, has caught the attention of British parliament’s Treasury Committee and significantly reduced London’s available gold float.
While President Trump hasn’t specifically mentioned precious metals in his tariff plans, the market reaction underscores the deep interconnections between the world’s largest over-the-counter gold trading hub in London and the US futures market, as traders seek to hedge positions and capitalize on price premiums between the two markets.
