CFG| 02-01-25 AM : Surge in Gold Shipments

A significant increase in gold shipments to the United States has led to a shortage in London's bullion market. Since the November U.S. election, approximately 393 metric tonnes of gold have been moved to New York's COMEX vaults, increasing inventory levels by nearly 75% to 926 tonnes. This movement is driven by concerns over potential tariffs under the Trump administration and higher futures prices in New York. As a result, withdrawal wait times at the Bank of England have extended to four to eight weeks.

Market participants are drawing parallels to the COVID-19 pandemic when similar stockpiling occurred. While premiums on COMEX gold contracts initially rose significantly, they have recently declined. There is cautious optimism that tariffs may not be applied to monetary metals, but the situation remains fluid as investors monitor policy developments.

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Fun Fact Of The Day

The largest gold vault in the world is the Federal Reserve Bank of New York's vault, which holds approximately 497,000 gold bars.