Silver Rises Over 120% YTD 
According to the London Bullion Market Association (LBMA), gold held in London vaults rose slightly to 8,488 metric tons at the end of March, a 0.1% increase from February. This increase comes as the flow of gold from London to New York has slowed following the US decision to exclude gold from broader import tariffs.
Between December and March, market players had significantly increased gold deliveries to the US to cover Comex positions due to concerns about potential tariffs, which President Trump had threatened to impose on imports from Canada and Mexico. This led to record-high Comex gold stocks, with an $80 billion increase since November. The massive movement of gold from London (the world’s largest OTC gold trading hub) created liquidity shortages in the London market, forcing bullion market players to borrow from central banks stored in Bank of England vaults.
While Bank of England vault stocks continued to decline in March, commercial vault holdings actually increased. The situation has begun normalizing, with waiting times for gold deliveries from Bank of England vaults decreasing from 4-6 weeks in January to 2-3 weeks by late March, and gold lease rates returning closer to normal levels. Meanwhile, silver holdings in London declined by 1.5% in March, a slower rate than February’s 4.5% decrease.
