A modern gold rush is unfolding as traders move hundreds of tonnes of gold from London’s Bank of England to the U.S., fearing Trump’s potential tariffs on precious metals. This has caused withdrawal delays and logistical challenges, as much of the gold must be recast in Switzerland before reaching New York.
The price of gold futures in New York has surged 11% this year to $2,935 per ounce, while London’s prices have dipped. Since Trump’s election, 393 metric tonnes have been added to Comex vaults, with private banks likely holding even more.
Investment banks remain bullish, with Goldman Sachs forecasting gold at $3,100 per ounce in 2025. As geopolitical uncertainties persist, gold’s role as a safe-haven asset strengthens.
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