Silver Rises Over 120% YTD 
According to the London Bullion Market Association (LBMA), gold reserves in London vaults rose marginally by 0.1% to 8,488 metric tons at the end of March. This small increase marks a significant change from previous months when gold was rapidly flowing from London to New York. The shift occurred after the US government excluded gold from broader import tariffs, narrowing the premium of Comex gold futures over London spot prices.
Between December and March, market participants had been moving substantial gold supplies to the US to cover their Comex positions against the threat of tariffs, which President Trump had pledged to impose on imports from Canada and Mexico. This led to record high Comex gold stocks, with an $80 billion increase since late November. The exodus of gold from London, the world’s largest over-the-counter gold trading hub, created liquidity problems in the London market, forcing bullion dealers to borrow gold from central banks stored at the Bank of England.
By late March, the waiting time to withdraw gold from the Bank of England had improved to 2-3 weeks from the previous 4-6 weeks in January, and gold lease rates had begun to normalize. Meanwhile, silver holdings in London decreased by 1.5% in March, a slower decline compared to February’s 4.5% drop.
