Gold held in London vaults increased by 0.6% to 8,536 metric tons in April as bullion flowed back from New York after the Trump administration excluded gold from import tariffs, normalizing the premium of COMEX futures over London spot prices. From December to March, market participants had moved significant gold to the U.S. to cover COMEX positions against potential tariffs, reducing London market liquidity and prompting bullion market players to borrow from central banks. COMEX gold stocks have been declining since early April, with a significant drop of 28.8 tons (worth $3.1 billion) on Wednesday alone. Silver holdings in London vaults also increased by 3.3% to 22,859 tons, marking the first rise since October 2024.

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Americans Are Struggling and Markets Are Noticing
After weeks of data blackout, the picture isn’t pretty. Jobless claims show a cooling labor market while consumer sentiment crashes to near-record lows. Credit card delinquencies just hit 15-year highs with Americans carrying $1.2 trillion in debt. The S&P 500 faces its longest losing streak since August. Meanwhile, wealthy investors are leasing out gold bars for yield. Today’s Nuggets explore the cracks in the consumer economy and how smart money is responding.




