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An increase in gold shipments to the United States led to a lack of alloys in London, where traders collected $ 82 billion in stocks in New York due to fears of the Trump administration tariff.
The waiting for the withdrawal of alloys stored in the Bank of England has increased from a few days to four and eight weeks, according to persons familiar with the operation, as the central bank is struggling to keep pace with the demand.
“People cannot get their hands gold Because a lot has been shipped to New York, and the rest are stuck in the waiting list, “one of the CEO of the industry said.” Liquidity has shrunk in the London market. “
The Bank of England rejected the comment.
since November electionsGold and Financial Institutions transferred 393 metric tons to the basement of the commodity exchange in New York, prompting their stock levels to nearly 75 percent to 926 tons, which is the highest level since August 2022.
The total gold flows to the United States can be much higher than the Comex numbers, according to the market participants, because there are likely to be additional charges to a special cellar in the New York owned by HSBC and JPMorgan. The bank refused to comment.
Traders say shipments aim to avoid definitions of alloys that US President Donald Trump can provide fear.
“There is a feeling that Trump can go in all fields and impose a new tariff on the raw materials coming to the United States, including gold,” said Michael Haig, head of commodity research at Société Générale. “There is little stampede among the participants in the gold market to protect themselves.”
Shipping is also the result of high prices on the New York Futures Exchange compared to the London's monetary market. It stimulates the extraordinary opportunity to swap merchants to send the metal across the Atlantic Ocean.
Trump has not yet clarified his commercial policy and was not specifically mentioned on alloys, although he threatened to impose large -scale fees on American imports.
Gold prices have increased by 5 percent since the beginning of the year, and it is only $ 30 of the independent record of $ 2,790 for per tiring ounces in October.
London and New York are two major global markets for trading, as most of the material trade is carried out in the United Kingdom, while the futures market market in the United States.
Many participants in the United States's current rush to the United States compares the situation during the roaming epidemic, when the locks and uncertainty about gold shipments caused an increase in storage on Comex.
The Bank of England stores gold for third parties such as financial institutions, as well as for other central banks and the UK wardrobe.
Comex Gold stocks increased by 36 percent this month, with 244 metric tons of flows – the highest monthly flows since May 2020, at the height of the epidemic. Merchants said they need to reach gold to complete some future contracts, allowing the buyer to conduct a material delivery.
“The gold movement needed to reach New York, and this is essentially what was leading” storage “,” said Joe Kavattouni, a market expert in the World Gold Council. “This leads a lot of people to say,” We want to advance on it, “and this leads the futures market market to a installment.”
However, Kavatoni said he was optimistic about the upcoming definitions that will not likely apply to alloys. He said: “We do not get a feeling of the letter from the administration that it intends to follow the monetary minerals.”
Last week, the June material contracts were traded on Comics with a bonus of up to $ 60 per ounce of the London price. The difference has since decreased to $ 10 per ounce of TRY, as merchants moved to gold to New York.
