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President Donald Trump’s threats have created such a strong demand for British -administered gold, with traders being likely to face a weekly queue for the opportunity to withdraw it.
An official said that all the slots in the Bank of England have been launched to send the market players’ metal to the United States to take advantage of gold prices to take back gold bars. Gold has become more valuable than other parts of the world in the United States because traders are worried that if tariffs across the Trump board, which are announced and planned, import metal prices.
“The US gold market is trading in a premium in the London market,” said Dave Ramsiden, deputy governor of markets and banking at the central bank on Thursday. He added that the owners of gold bars in its underground wallets “want to take advantage of this price difference.”
As a result, the Bank of England, which is the second largest gold reservoir in the world, has seen strong demand for gold withdrawal.
“All the bodies that send the gold, all of them have found slots in the next few weeks… they need. If you were coming to us new, you will have to wait a little more. Because all the current slots are books.
The Bank of England, which ranks second after the New York Federal Reserve, as a top global surveillance of precious metal, takes care of more than 400,000 gold bars worth billions of pounds.
This is under some pressure recently. Meanwhile, gold inventives on the American Comics Exchange – which are a major market for gold, silver and other metals – has almost doubled since the end of October, Kamlers Bank said in a note on Friday.
“The fact is that gold is significantly more expensive on Comex than other trading centers,” said Carten Fortsh, a German bank analyst, “The concern is from US import taxes than in other trading centers. , Which can potentially affect gold. ” “So the possibility of supplying on the comax is primarily driven by the potential obstacles to supply.”
Ramsden said the Bank of England’s gold reserves have decreased by about 2 percent from the end of last year.
Gold prices have risen in recent weeks, with investors being helped through Trump’s tariff projects thanks to the asset’s safe housing status. According to the UBS, the Russian war in Ukraine and the increase in geographical political tensions in the Middle East is also reducing the demand for metal.
In addition to being a solid, small asset, gold is different from other trade assets in other ways.
“Gold is a physical asset, so it contains real logistic obstacles and security barriers,” Ramsden said. “It was a bit difficult for me to go to the bank this morning because there was a lorry in the Black Yard … and the goods are quite heavy.”
