Silver Rises Over 120% YTD 
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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Gold Is Up 41% From a Year Ago. The Fed Can’t Stop It
Gold is trading at $4,648/oz — up 41% from a year ago, down 14% from January’s record. Both numbers are true. The one that matters is the 41%. It held through a war, three hawkish Fed holds, and the most fractured FOMC vote since 1992. Here’s why that gap between the record and today’s price is a floor, not a warning.
May 1, 2026
