1 London Gold Market Defaults on Physical Gold Deliveries

[GoldBroker]

A few days ago, one of the world’s largest refineries informed its customers that the London warehouses were empty and that the London gold market was dry of liquidity. Confirmation last Wednesday: The Bank of England published the information that it would be able to deliver the gold currently awaiting delivery only in 4 to 8 weeks. Background Donald Trump had announced, even before his election, his intention to impose customs tariffs on all imports. Even without specifics on this subject, many investors saw this as an inevitable increase in the price of precious metals. Since the announcement of Trump’s victory, the COMEX has been facing exceptionally high Gold delivery demands.This required a veritable airlift to transfer 393 tonnes of gold from the LBMA’s London warehouses to the COMEX vaults in New York, bringing the New York gold stocks to 926 tonnes. This movement emptied the “liquidity” available in gold in the Bank of England’s vaults. Default For years,...

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